The European Commission has announced a comprehensive evaluation of the Financial Services Action Plan (FSAP) to be conducted in two parts with the initial focus (Part I) on the process of adoption of the measures put forward in FSAP. The report for Part I will be presented in April 2006. Subsequently, Part II of the evaluation, which will be conducted from 2006-2008 once all FSAP measures have been implemented in the Member States, will involve a complete economic and legal analysis of the impact of the Action Plan. An overall assessment of FSAP will then be presented in 2008/9.
The Financial Services Action Plan was launched in 1999 with the aim of providing a package of measures that would encourage progress towards a single market in financial services. Of the 42 measures targeted for adoption by mid-2004, 39 were adopted on time, with two further measures, including the Capital Requirements Directive for implementing Basel II, adopted in 2005. Whilst this represents a success rate of nearly 98%, the delay by a number of Member States in transposing adopted measures into national law has been a concern.
The Commission is inviting comments from interested parties on how the process of adoption has worked. Of special interest are views on the general perception of the FSAP process, on consultation, on the Lamfalussy process and on lessons learned. The deadline for comments is 31 January 2006.
Speaking about the evaluation, Charlie McCreevy, the European Commissioner responsible for Internal Market and Services said, "It is our job to ensure that the measures we adopt are of the highest possible quality, reflect the reality on the ground and have the potential to bring tangible benefits. That is why we're now asking for comments on the adoption process of the FSAP. Such input will be invaluable when we come to analyse whether there are things we could do better in future."
Full details of the European Commission's evaluation of the Financial Services Action Plan are available on their website. |
