European Commission Calls for Integrated Market
The European Commission has published the eighth and latest progress report on the Financial Services Action Plan (FSAP). The report claims that the overall financial outlook strengthens the political case for integrating financial services within the EU. The Commission said that progress towards adopting the necessary legislative measures to create an integrated market remains on the right track. Public confidence in financial markets world-wide has deteriorated according to the report, resulting in a severe correction in stock market valuations since 2000. The Commission cited amongst its effort to restore public confidence in European financial markets the adoption of an Action Plan on Company Law and Corporate Governance and a set of ten priorities for reinforcing statutory audit. These initiatives, aimed at reinforcing shareholder rights, audit quality and auditor independence represent an ‘extension’ of the original FSAP said the Commission.