Brussels, 23/02/2007 (Agence Europe) - Political and financial researchers and decision-makers met for a two-day conference on 21-22 February to discuss the connection between financial integration and economic growth in the EU and ensuring stability of the financial system. The conference was organised by the International Monetary Fund (IMF) and the Bruegel think tank. 'It is still safe to conclude that an adequate level of financial development is an essential condition for sustaining high rates of economic growth,' commented EU Economic and Monetary Affairs Commissioner Joaquin Almunia, noting the acceleration of financial integration in the EU through the introduction of the euro. Although the EU's financial integration model can be exported to other parts of the world, the participants acknowledged the need to make greater progress in the EU. The implementation of the Financial Services Action Plan (FSAP) is making good progress but a diverse range of instruments are required to back innovative companies which tend to be on the small scale. The tools include securities markets and venture capital and business angels. Participants agreed that greater convergence of national legislation, better consumer protection and more integrated clearing and settlement systems are required. They called for national supervisory bodies and watchdogs' practices and procedures to be rationalised. (ab)