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Retail financial services markets are still fragmented and need to be more integrated to drive down prices and to increase European-wide choice for consumers. A first important step would be the introduction of a mandatory Pan-European Info Box (PEIB). Consumers would then be enabled to compare products at a pre-contractual stage by the standardised provision of relevant product information.
The EFR believes that it has to be carefully evaluated for which types of financial services the flexible approach - full harmonisation of certain key requirements in combination with mutual recognition - is workable. A thorough case-by-case analysis should be done in order to identify those financial services product types which are eligible for further integration in the short and medium term.