Brussels, 12/01/2006 (Agence Europe) - In early January, the Commission published a progress report on European financial services integration since mid-2004. The report, which is to become annual, notes considerable progress in financial services action plan (FSAP) measures. In line with the White Paper on financial services to 2010, published last December, it is now time to implement the measures adopted. Targeted initiatives are planned, particularly in the retail banking and credit management sectors.
Among the main legislative achievements of 2005, the Commission lists the approval of the Capital Requirements Directive, Directive 2005/68/EC on reinsurance and Directive 2005/14/EC on motor car insurance, Directive 2005/56/ EC on cross border mergers and Directive 2005/60/EC on money laundering. It also mentioned the decision to extend the Lamfalussy approach to the banking, insurance and investment fund sectors (see EUROPE 8829).