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A series of measures have been outlined in the Financial Services Action Plan to ensure an integrated financial market. The FSAP was endorsed by the Cologne European Council in June 1999 and the Lisbon European Council in March 2000 set the deadline of 2005 for its implementation. The Stockholm European Council strongly reaffirmed the importance of implementing the Action Plan by 2005 and set a new deadline of 2003 for the full integration of the European Securities markets.

The Action Plan suggested indicative priorities and time-scales for legislative and other measures to tackle three strategic objectives, namely ensuring a Single Market for wholesale financial services, open and secure retail markets and state-of-the-art prudential rules and supervision.

The main strategic objective of the FSAP is to enhance the functioning of underperforming pan-European financial markets and, by so doing, improve the prospects for sustainable, investment-driven growth and employment.

This timeline covers the main general events towards the creation of a single financial market up to 2004.

Financial Services Action Plan





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2003 Financial Services Action Plan - archive
2003-12-17 Report of Financial Services Action Plan Forum
2003-12-15 New study on population ageing and public finance targets
2003-12-15 Commission proposes to sign Hague Securities Convention
2003-12-03 House of Lords report on progress of Single Financial Market
2003-12-03 FEFSI: Trends in the European Investment Fund Industry
2003-11-27 Commission welcomes Council agreement on new Merger Regulation
2003-11-26 Results of ECOFIN Council
2003-11-24 Commission releases ninth FSAP Progress Report
2003-11-06 Commission Final Report on Risk Capital Action Plan
2003-11-05 Results of Council of ECOFIN meeting
2003-11-03 EMAC: Approval to extend Lamfalussy will be subject to requirements
2003-10-31 EPC report on the overall assessment of the impact of ageing on public finances
2003-10-27 Commission set up expert groups on assessment of EU financial integration
2003-10-22 Commission publishes second revised version on Insider Dealing and Market Manipulation
2003-10-16 IOSCO strengthens international cooperation to fight illegal securities and derivatives activities
2003-09-29 Hill & Knowlton: Ahead of the Curve.
2003-09-21 FESE proposes ombudsman for cross-border financial services’ providers
2003-09-19 FEFSI fact book on recent trends in the European investment fund industry
2003-09-15 ECMI paper on ‘Insider Trading, Abnormal Return and Preferential Information’
2003-09-04 FEFSI: Trends in the European Investment Fund Industry - Second Quarter of 2003
2003-09-04 Forum Group report on Best Practices in an integrated European financial market
2003-09-01 CURRENT PROGRESS on FSAP - update 16 January
2003-07-25 ECMI study on ‘Building a Competitive and Efficient European Financial Market’
2003-07-16 ESBG response to IIMG report
2003-07-11 UNICE comments on IIMG report
2003-07-07 FEFSI: Developments in Worldwide Investment Fund Industry
2003-06-11 5 Principles for Unified European Banking and Financial Services Market
2003-06-04 FEFSI: Trends in European Fund Industry 1st quarter 2003
2003-06-03 Unice views on European Financial Market
2003-06-03 Results of ECOFIN Meeting 3 June
2003-06-02 FSAP eighth progress report
2003-05-27 Commission Staff Working Paper - Tracking EU financial integration
2003-05-15 ECMI paper on Cross-border Trading in Financial Securities
2003-05-08 Inter-institutional Monitoring Group: First Report on Lamfalussy
2003-05-05 Directive on Financial Reporting Adopted
2003-03-24 European Council – Presidency Conclusions
2003-03-19 ECOFIN: No final conclusion on Savings Tax
2003-03-11 EFR: Urgent Progress needed on Single Market for Financial Services
2003-03-10 ECB: MoU between banking supervisors and EU central banks in crisis management situations
2003-03-07 ECOFIN Council: no agreement on tax package
2003-03-07 FEFSI: Trends in the European Investment Fund Industry
2003-02-24 Bolkestein speech on EU-US regulatory cooperation on financial markets
2003-02-18 Results of ECOFIN meeting 18 February 2003
2003-01-29 Greek Presidency: Ecofin Work Programme
2003-01-22 EMAC meeting 20-21 January
2003-01-20 FEFSI/PWC Report on Tax Discrimination of Investments

Prior Years Reports