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EFR therefore published two papers, one on the Single Market of Financial Services, and another one on the European pension crises.
'A single market in financial services would bring great benefits to Europe's citizens,' says Pehr Gyllenhammar, Chairman of the EFR. 'The Lisbon Strategy of 2000 demonstrated the political will for a single market in financial services, but turning this idea into reality is proving painfully slow. Financial services remains the 'missing link' in a single European market. Europe's leaders need to commit to an urgent course of action to deliver the single market in financial services.'
EFR propose that the European Council and the Council of Ministers should decide urgently to agree the vision and implementation strategy for the Single Market in Financial Services by 30th June 2004. As rapid progress will also require a clear and efficient institutional set up, EFR calls on the Convention to define the Internal Market as an exclusive competency of the Union.
EFR identifies four key areas:
The European Financial Services Round Table will publish more detailed recommendations on Consumer Protection and on Supervision and Regulation in the summer of 2003.
EFR also sent a separate paper to the ECOFIN Council on possible solutions of the pension fund crises.
Protecting national markets has a high cost for Europe's consumers. 'We now need to move much faster,' says Pehr Gyllenhammar. 'It will be even more difficult to agree a new vision in a larger EU after 2004. There is also a great urgency to accelerate Europe's response to the imminent pension funding crisis.'
The European Financial Services Round Table sees private funded pensions standing alongside a reformed state pension system as the way forward. EFR encourages the Council of Ministers to create a genuine open and transparent Single Market for private pensions in which costs, prices and charges will come down and quality will go up. EFR urges Member States to agree the same taxation principles for pensions (the “EET” model) removing tax discrimination from non-domestic providers. This is a prerequisite for portability of pensions which must become a reality
EFR Statement to the Council
EFR pensions message to ECOFIN