The French Banking Federation issued a document laying out all the proposals made by French banks and the principles to be followed in furthering the construction of banking and financial Europe. French bankers emphasise the fact that harmonisation is not an end in itself but a means of progress towards a unified European banking and financial market.
Defining the most effective work programme for 2005 to 2010 therefore means determining those areas in which a high degree of European integration is desirable.
According to French bankers, the biggest challenge for the years ahead is to encourage the integration of retail markets via “targeted” harmonisation in areas that are important for the free provision of services and in terms of promoting competition.
The application of international accounting standards (IAS) that are compatible with the constraints of banking activities is also a priority, as is the correct transposition of the Basel Accord signed last June.
Lastly, the FBF believes that a directive on clearing and settlement activities is needed that must cover all post-market activities, including custody services. It must clearly separate so-called infrastructure activities (carried out by CSDs) from banking activities in order to ensure competition and control risk.
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© FBF - French Banking Federation
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