| Charlie McCreevy, the European Commissioner for Internal Market and Services has hailed the role of the Financial Services Action Plan (FSAP) in developing the financial sector across Europe.
Speaking at the 14th Annual Europe-USA Investment Funds Forum in Luxembourg, Commissioner McCreevy said that FSAP had played a significant part in addressing fragmented financial markets that have historically hampered growth across the EU financial sector.
McCreevy's remarks came as he reflected on issues that threaten the recovery of the European economy. "Europe is facing new challenges. Sluggish growth; slow job creation; a huge waste of economic and human potential. Global competition from new economies is posing a new challenge… All the more reason to harness fully the growth enhancing potential of the financial sector".
Whilst praising the success of FSAP, the Commissioner said that regulation was not always the answer to the emerging challenges of Europe. "For this reason, when considering and evaluating new measures, I've asked my services to carry out impact analysis of all possible options, including that of not acting".
His comments will encourage many in the sector who have been critical of the increasing burden of regulation. McCreevy went on to state that good regulation was vital for the success of the European economy. "I regard the EU framework as an enabler that opens new markets, increases choice and generates opportunity, creating the right regulatory framework for business to succeed… I am committed to making existing measures work properly. The
adoption and ongoing implementation of the Financial Services Action Plan has entailed intense regulatory activity over recent years. The FSAP has done what it set out to achieve - a framework that would facilitate the pan-European development
of the financial sector".
The full text of Commissioner McCreevy’s speech is available here. |
