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Speech by Romano Prodi, President of the European Commission, on Financial services in tomorrow's EU After enlargement: Conference on Financial Services in the wider EU marketplace, Milan
Excerpt
Borderless finance across Europe does not imply a regulation-free Union. Integration itself calls for comprehensive regulatory harmonisation. The architects of an integrated financial market must never forget the importance of sound regulation and effective supervision as the core European public interest.
One area in particular on which the Commission will be focusing will be consistent implementation and even-handed enforcement of the Action Plan rules.
The interdependence of financial markets across the world is clear. It is in the interest of both the Union and the United States to reconcile our differences, because both sides have much to gain. So our top priority must be to concentrate on finding solutions with our partners across the Atlantic.
In recent years, within the European Union, the centre of gravity for financial law-making has shifted towards our institutions. This does not mean that the national regulatory heritage or supervisory structures are about to be abandoned in favour of centralised solutions.
But it does mean we are now irrevocably committed to a collective approach to designing and implementing financial legislation.