internal market for financial services

The internal market for financial services is also extremely important.

At the same time it is very important to complete the legislation on a genuine internal market for financial services and risk capital.

And on the other hand we are in the process of completing the internal market for financial services in Europe.

Completing the internal market for financial services and affording consumers a high level of protection is a Community priority.

As I see it, you have either done a U-turn or you were only concerned about the internal market for financial services all along.

They have made me angry – angry that they have been let down by their experience of our internal market for financial services.

Last but not least, I should also like to thank Commissioner Bolkestein for his work on bringing about a genuine internal market for financial services.

Firstly, to avoid fragmentation of the internal market for financial services, because there are an increasing number of uncoordinated national tax measures being put in place.

This is a requirement that we should propose if we want to achieve a genuinely viable European internal market for financial services within the next few years.

The Transparency Directive is one of those needed to complete the financial services action plan, which aims to establish an internal market for financial services in 2005.

The European Union does not have such a mandate however. Consequently, this report forms part of the work towards the objective of creating an internal market for financial services.

The second prerequisite is an internal market for financial services with a view to improving the opportunities for investment and economic growth by means of lower capital costs and increased profitability.

I am convinced that the code and our related recommendation will play a very significant role in the completion of the internal market for financial services to which Parliament regularly reiterates its support.

I hope, above all, that the bank sector will be smart enough to make this unnecessary and to lend its all-out cooperation to the further unification of the internal market for financial services.

However, there are a number of proposals that we cannot support, as they would introduce additional EU regulations in areas where there would be no demonstrated benefits to the evolution of an effective internal market for financial services.

This paragraph 2 absolutely does not fit into a report that points to so many developments in a dynamic financial market that may pose serious systemic risks and endanger a safe and efficient internal market for financial services.

There is certainly a long and fraught road ahead, with different banking cultures and legal systems, but there can be no doubt about the bottom line: without provision for efficient cross-border clearing and settlement, the full benefit of an internal market for financial services cannot be realised.

I would like to add that this directive covers the whole aspect of the creation of an internal market for financial services and is therefore to be welcomed, as we still have a great deal to do to strengthen, improve and consolidate this market and to remove existing blockades.

The whole project of creating a single market - an internal market for financial services - is one of the most important projects we are working on at the moment in terms of meeting the Lisbon objectives and creating the sort of dynamic economy that we must have across the European Union.