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European Financial Services Round Table
 

Publications & Research - Single Market


FOSTERING THE INTEGRATION OF THE SINGLE MARKET

Deep financial markets tend to lead to higher economic growth - deeper financial markets in other parts of the world relative to those of the European continent are, to a large extent, responsible for the larger increases in productivity and faster pace of industrial innovation. The Single Market for financial services is therefore key for Europe.

The euro has played an important catalysing role for the financial integration process in Europe. The gains delivered by the euro for the financial integration process in Europe are under threat as a result of the on-going sovereign debt crisis. Government officials and private sector players are urged to continue their efforts to find short-term and long-term solutions to the current crisis. Measures to reform European Economic Governance need to ensure that the budgetary implications of demographic ageing are fully transparent and that Member State policy coordination in this area is optimised.

Pensions and long-term savings
EU citizens need to save more for their retirement since first pillar (state) pensions will not be sufficient in the future. They need access to simple and sustainable pension solutions, which are also portable across borders. An optional single regulatory regime would facilitate the development of 'Pan-European Pension Plans'.

Consumer policy
Overall consumers' confidence in the ability of financial institutions to provide quality services has weakened considerably. Banks and insurers have undertaken measures over the last years to increase customer centricity by better access to financial services, increased transparency and improved information on financial products.