The Commission, on 27 June 2006, announced the creation of an expert group to further examine obstacles to a single European mortgage funding market.
The Green Paper on Mortgage Credit published by the Commission in July 2005 (see EURACTIV 19 July 2005) pointed to the considerable benefits (estimated at €94.6 billion over ten years) that could be reaped, both for borrowers and lenders, by integrating EU mortgage markets.
Nevertheless, because of the complexity of mortgage credit issues, the Commission has decided to establish a Mortgage Funding Expert Group, composed of stakeholders representing all funding techniques and most EU mortgage markets, to analyse existing barriers to cross-border activity and propose appropriate solutions.
Based on the conclusions of the expert group, the Commission will decide whether EU action should be taken. Any measures would be announced in the future White Paper on the integration of EU mortgage credit markets, to be presented in 2007.