Financial Services Agenda 2005-10


The Commission's regular progress report on the single market in financial services, published in January 2006, declares the period 2004-2005 to have been one of "significant strides". The next five years, therefore, will see a period of consolidation with a tidying up of remaining specific issues.

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According to the January 2006 Progress Report, 98% of the Financial Services Action Plan (FSAP) measures have been put in place and work has begun on implementation. The Commission therefore is pleased with progress made and Internal Market Commissioner McCreevy commented: "These (FSAP) initiatives will strengthen the overall EU economy, improve corporate behaviour and build confidence."

The Commission has therefore moved on to look at the next five years, with its white paper on financial services policy 2005-2010. It puts the main emphasis for the next five years on "dynamic consolidation".

When it issued its green paper in May 2005, the Commission was clear that there was to be no 'son of' the FSAP: the period of weighty legislation was over. Instead, the FSAP measures were to be given time to settle, were to be monitored, implemented and enforced. Consultation followed and then the white paper was published on 5 December 2005. This final set of proposals differs little from the green paper, focussing again on implementation, enforcement and supervisory convergence. 

Some areas, however, will receive further legislative attention including consumer credit, pensions, banking consolidation and the single payments area.