Brussels, 07/11/2005 (Agence Europe) - "Today, we are inviting all interested parties to give us their observations on the financial services action plan" (FSAP), Charlie McCreevy, European Commissioner in charge of the Internal Market, states in a press release. On 7 November, the Commission launched a public consultation, to last until 31 January 2006, to look at how players perceived the adoption of the legislative and non-legislative measures of the FSAP. It is likely to publish its White Paper on financial services up to 2010 on 16 or 17 November.
In the report submitted for consultation, the Commission welcomes the use made of the "Lamfalussy" approach in the financial services sector, and respect for the "political pressure" brought to bear and the "timetable" announced to accompany the FSAP. The launch of the financial services action plan in 1999 has led to the adoption of almost all of the measures planned (39 out of 42) before the deadline set for the end of 2004. Nonetheless, the Commission recognises the existence of "shortcomings", which are due, in large part, to the scope of the FSAP. Furthermore, the fact that not all fields of political action have been tackled has slowed down the implementation of a genuine European area in the sector of financial services.
The results of this consultation will include an initial assessment report on the implementation of the action plan, which is anticipated for April 2006. Between 2006 and 2008, the Commission will carry out an economic and legal analysis of the impact of the FSAP, once all planned measures have been adopted and implemented in the Member States. It plans to publish this global assessment by 2009.