Council conclusions on cross-border consolidation in the financial sector
The council welcomed a proposal for a revision of the Banking Directives and MIFID articles, and agrees with the Commission that the fragmentation of retail markets is an obstacle to cross-border consolidation. It also expressed support for the strategy proposed by the Commission in its White Paper on Financial Services Policy 2005-2010 to promote the integration of retail markets.
The Council invited the Commission to specify and suggest remedies for any factors, such as taxation, that create obstacles to cross-border consolidation.
In a separate document, the Council published its conclusions on the Commission’s white paper on the financial services policy. In its response, the Council stressed that clearing and settlement of securities transactions is a key area where financial integration in the EU should be enhanced, and invited the Commission and Financial Services Committee to examine how to best make progress in this area as soon as possible.
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