The European Commission set up four new expert groups of market practitioners to assess the state of integration of European financial markets. The groups will help the Commission to map out key issues for discussion during the ensuing open consultation.
Commissioner Frits Bolkestein said: 'The groups I am setting up today will help pinpoint exactly how far down the road we are. On the basis of their advice we will consult the markets as a whole, along with investors and consumer groups, to make sure we stay on course during the final leg of the journey.'
The mandate of the four sectoral groups on Banking, Insurance, Securities, and Asset Management is to assist the Commission in assessing progress made under the FSAP in removing regulatory and legal barriers.
First meeting of the groups will be in November 2003 mapping out the state of integration for the key types of financial institutions and products (banking, insurance, asset management, investment intermediation).
A Commission report on 'tracking financial integration' providing some empirical data to set the scene for the policy discussions will be published in spring 2004, followed by the reports from the sectoral groups in summer and a high-level conference and an open consultation exercise
A document of the Commission services synthesising the views and analysis put forward during the consultation process is planned for Autumn 2004.
Press release including composition of groups
FAQ
Terms of reference for:
Banking
Insurance and Pensions
Securities
Asset Management
© European Commission
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