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29 October 2004

Germany to strengthen EU Financial Supervision and Payment Area





In its mid-term Review of the Lisbon Strategy the German government reiterated its intention to strengthen financial supervision in Europe and therefore creating a European system of financial supervision.

“An integrated financial market”, the report says, “requires integrated financial supervision. At present the 25 Member States possess something like 70 supervisory institutions with differing regulations and procedures. In future the scope of supervision must correspond to the scope of the activities of the enterprises.”

The report also targets the imperfections in the creation of the Single Payment Area in the European Union and calls for the creation of a uniform infrastructure by harmonising national regulations to overcome the supervision and regulation gap which exists among the countries.

To ensure the technical security and integrity of the payment systems uniform standards must apply in future. The German government therefore requests the Commission to present a draft Directive by the beginning of the year 2005.

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