White paper on Financial Services (2005 – 2010)
updated: 12. 01. 2006
The Commission’s White paper, issued on 5 December 2005, sets out its strategy for financial services for 2005 – 2010 and follows on from the successful completion of the financial services action plan (FSAP).
The paper, the Commission’s final proposals, differs little from the May 2005 Green paper as it focuses on implementation and enforcement of the FSAP measures and emphasises the need for further convergence at supervisory level.
Commissioner McCreevy, introducing the proposals, praised the progress made over the last five years, and said, "the challenge now is to consolidate progress and work together on applying the better regulatory disciplines".
Banking groups gave their full support to the paper, particularly to plans to continue the use of the Lamfalussy progress to further the consolidation of banking supervisions at European level.
There will be some further legislation action, however, mainly in the retail area, where the single market has not progressed so quickly. The include consumer credit, pensions, banking consolidation and the recently announced plans for the new legal framework for payments.
Source: EurActiv, portal site of the European Union