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Financial & Capital Markets


Integrated financial and capital markets, with a broad range of financing and investment opportunities and efficient financial and capital market supervision, are a core element in a dynamic and competitive economy. The key issues in this connection concern promoting cross-border competition, improving market access and transparency, and systematic cooperation among Member States in matters of supervision.

The implementation of the Financial Services Action Plan has resulted in better access to cross-border borrowing facilities and innovative forms of financing for large corporate clients in particular.  A variety of measures have also been taken to enhance the stability of European financial and capital markets and to modernise supervisory mechanisms. The EU decision-making and regulatory structures have been streamlined and more consistent and systematic cooperation established between European institutions and market participants.

In December 2005, the Commission submitted a White Paper on Financial Services Policy, outlining the main priorities up to 2010. The main objective over the next few years will be to ensure full implementation and application of the existing legal provisions in the Member States and further alignment of supervisory standards and practices. New legal provisions should be adopted only after in-depth consultation of market participants and detailed cost-benefit analysis. Action will also be taken to improve the framework for retail banking.

 

Date: 20.12.2005