ZNACZENIE FINANCIAL SERVICES ACTION PLAN DLA BUDOWY WSPÓLNEGO RYNKU FINANSOWEGO W UNII EUROPEJSKIEJ
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Date
2003
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Wydział Prawa i Administracji UAM
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THE ROLE OF FINANCIAL SERVICES ACTION PLAN IN BUILDING THE SINGLE FINANCIAL MARKET IN EUROPEAN UNION
Abstract
A Single Financial Market has long been an objective of the European Union. Despite the
progress made in integration of financial markets in previous years, there is still a long way
to travel. Differences in legal systems, differences in taxation, political and cultural barriers
are the main obstacles in this context. To solve all the problems that hinder the benefits of
fully integrated financial markets, in May 1999 the European Commission adopted the Financial
Services Action Plan (FSAP).
Financial Services Action Plan covers a vast area of financial activity and comprises 42
separate measures that are designed to complete the legislative framework for the internal
market in financial services. These measures relate to both wholesale and retail markets and
are categorized under a series of general action priorities (for example: establishment of common
rules for integrated securities and derivatives markets, facilitating cross-border payments,
etc.). FSAP also contains measures relevant to the prudential supervision of an integrated
financial system, as well as measures that are designed to improve the general
conditions for financial efficiency (corporate governance, taxation). All measures should be adopted
and transplanted into national laws of the Member States by 2005. By June 2003, 34
out of 42 original measures had been finalized while the remaining 9 are being negotiated.
The commitment of the European governments to implement the assumptions of a single
financial market is substantial. Despite the adoption of 34 measures of FSAP, some barrier
still remain. The main problem within this realm is related to the speed and quality of implementation
of particular measures of FSAP. Nevertheless, it is hoped that the implementation
of Financial Services Action Plan will help to achieve the single financial market or at least
help to implement the majority of its assumptions.
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Ruch Prawniczy, Ekonomiczny i Socjologiczny 65, 2003, z. 3, s. 181-199