Memo: Financial Services Policy Group discusses cross-border payment charges and pension funds

On 19 June 2001 the Financial Services Policy Group, comprising personal representatives of EIS Finance Ministers, met in Brussels under the chairmanship of Internal Market Commissioner Frits Bolkestein. The Group concentrated on 4 points: (i) a final report by the Swedish Council Presidency, (ii) cross-border payment charges, (iii) pension funds and (iv) capital adequacy. The FSPG meets regularly to forge consensus between national ministries involved in financial services regulation and to review progress on the implementation of the Financial Services Action Plan (FSAP). The FSAP was endorsed by the Cologne European Council in June 1999 and at the Lisbon European Council in March 2000. The Stockholm European Council strongly reaffirmed the importance of implementing the Action Plan by 2005 and set the new deadline of 2003 for the full integration of the European Securities markets.

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