Brussels, 02/04/2001 (Agence Europe) - On Monday, the European Commission launched consultations on cross-border clearing and settlement on the financial markets within the European Union. The outcome will fuel the work of the Consultative Group chaired by Alberto Giovanni, which will present an analysis of the system this summer. The Commission thus hopes to use this investigation for its review of the directive on investment services.
The initiative comes within the achievement of the internal market for financial services, scheduled for 2005, and, in particular, the "Lamfalussy Report". The "Giovanni Group" was created in 1996 to identify the shortcomings impeding financial markets and to propose practical solutions to improve market integration and to make better use of the euro.