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Lost in translation

Many credit market participants agree that a single European financial services market would be good for all concerned. But there is widespread doubt over whether the EU is the right architect for the project. Oliver Holtaway reports

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The EU is committed to creating a single European financial services market, and the harmonisation of disclosure and transparency requirements is touted as a driving force towards market standardisation. So when European finance ministers voted in November to strike a clause from the EU transparency directive that would impose a quarterly reporting requirement on any company whose securities trade

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