Speaking at the annual 'Finance Dublin' conference on Tuesday, Internal Market Commissioner, Charlie McCreevy expressed his support for the liberalisation of the EU's services market.
Despite recently agreeing to water down the proposed Services Directive in the face of strong objections expressed by France and Germany, Mr McCreevy highlighted his desire to move forward and open up the market in the future.
He also suggested that the EU needs to be disciplined in the way in which it seeks to advance the social agenda, announcing that:
"I am proud to be a member of a European Commission which has made it clear that competitiveness, growth and jobs (the best guarantor of social inclusion) are the top priorities."
The former Irish Finance Minister additionally told delegates that he did not believe that it is necessary to totally revamp the existing European legislation on mutual funds.
He announced that the Commission would be publishing a green paper this summer on the regulation of UCITS (Undertakings for the Collective Investment of Transferable Securities), but stressed that:
"It will conclude that no case currently exists for wholesale changes to the existing legislation. Instead the review will outline a number of steps that are envisaged to conslidate the existing UCITS framework."
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