The Treasury has outlined its vision for a single European financial services market, which will com...
The Treasury has outlined its vision for a single European financial services market, which will come into being by 2004.
The market, which would function across the EU, would give intermediaries and their customers more choice at lower cost by increasing product innovation and competition, it claimed.
It noted the strong move already taking place towards the creation of a single market, driven by cross-border M&A activity, technological advances like the internet, financial innovation such as the creation of Oeics in the UK as a means of marketing into Europe, and the creation of cross-border exchanges like the Anglo-German IX.
Its vision is set out in a paper, entitled "Completing a dynamic single European Financial Services Market: A catalyst for economic prosperity for citizens and business across the EU."
The paper acknowledges that invisible exports in the financial market form an important part of the UK's income stream and that it must be protected by an adequate regulatory climate.
Even so it did not call for full harmonisation when it comes to regulation, claiming this was not a necessary condition for the completion of a single retail market nor a realistic goal.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation