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The EBF issued a statement on the integration of Financial Services, supporting the views of the Commission that efforts must now concentrate on retail, where progress has been less important than in wholesale services and welcomes the improvement of European competitiveness at global level, an aim it strongly encourages.
The EBF sees the signs of integration described by the Commission as positive and recalls that integration is not hampered by a lack of competition, rather the opposite. The EBF notes however, that the current structures of the market do not allow for further integration, which would in turn generate more competition, as highlighted by the EBF in its Report on Integration in Financial Services, published on 6 December.
The EBF reminds that - as underlined in its Integration Report - it considers integration as a driver for efficiency and that it has defined 8 priorities for action which must be carried out jointly by policy makers and industry in order to deliver the expected results of further integration. These action points will be the EBF’s own benchmark for further integration reports and progress measurement