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EU legislation:
Financial services: Framework for action. The Commission has issued a Communication 'Financial services: Building a framework for action', which outlines a series of measures to ensure that the EU's financial services sector realises its full potential, notably with the entry of the euro. The report concentrates on ensuring deep and liquid European capital markets, which serve both issuers and investors better and the removal of remaining barriers to cross-border provision of retail financial services in order to ensure consumer choice whilst maintaining consumer confidence. The Commission has decided that EU financial services legislation needs to be enforced effectively but does not require radical surgery. However, new more flexible methods are required to adapt the rules to evolving market conditions and additional legislation is required in a few targeted areas including pension funds and consumer redress.
Source:COM (98)625 final (28.10.98);Press Release (European Commission), IP/98/941 (28.10.98). Full text of the Communication is also available at http://europa.eu.int/comm/dg15
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