The Economic and Financial Affairs Council has released its conclusions regarding the European Commission's White Paper on Financial Services Policy (2005-2010), as presented to the Council (ECOFIN) in December 2005.
Late last week, the Council released a statement announcing that it shares the broad objectives of the Commission for the financial services policy until 2010, and agrees with the concept of dynamic consolidation as the chosen overall approach to making further progress towards a fully integrated European financial market.
It went on to add that it welcomes the initiatives proposed by the Commission, stressing that progress in the greater integration of retail markets is a challenge for 2005-2010, in order to strengthen competition and ensure an appropriate level of consumer protection, but notes also the importance of strengthening consumer input, and therefore stresses the need to facilitate an appropriate involvement of consumers and SMEs.
The Council went on to stress that clearing and settlement of securities transactions is a key area where financial integration in the EU should be enhanced, and invited the Commission and Financial Services Committee (FSC) by autumn 2006 to examine how to best make progress in this area.
It further stressed the need to boost the efficiency of pan-European markets for long-term savings products as well as the importance of fostering financial education and awareness of consumers in Member States; and invited the FSC to examine the policy issues related to ageing and financial markets.
Additionally, ECOFIN agreed with the European Commission that Member States must play their role by transposing and implementing the agreed Financial Services Action Plan texts on time, accurately, consistently and avoiding unnecessary regulatory additions.
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