-The European Commission's latest progress report on the Financial Services Action Plan (FSAP) highlights a string of recent successes but underlines that the momentum must be kept up, despite ailing financial markets and decreased investor confidence, if the 2005 deadline for implementation of the FSAP is to be met.
The report shows that the case for an integrated European capital market remains as strong as ever, especially in the light of recent research predicting that EU-wide real GDP will increase by 1.1% and total employment by 0.5% as a result of such integration. At the Barcelona Council in March 2001 eight priority measures were identified to be approved in 2002. Almost all of these measures have now been adopted.
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