Financial services policy

On May 3, 2005, the European Commission presented a Green Paper on Financial Service Policy for the following five years:

Enforcement of existing legal provisions

According to the Green Paper, the emphasis with regard to policy is not in future to be placed on issuing new legal provisions, but on the effective translation of already existing provisions as set forth in the Financial Services Action Plan (FSAP) into national law.

The vdp has drawn up comments to this Green Paper:

Harmonization of the retail financial services markets

Further initiatives have been announced in particular with regard to the retail financial services markets in the EU.

In a further Green Paper, the EU Commission spelled out its thoughts concerning the onward integration of retail banking markets integration:

The EU Commission seeks to improve cross-border access to current accounts, payment transactions, private customer credit, savings deposits, old age provisioning, investments and insurance products.

Divergent legal and consumer protection frameworks, tax policies and infrastructures in the EU member states are described as being the main barriers.

Pressure to create greater harmonization is likely to grow substantially in the entire retail financial services sector in the medium term .

Further information:

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