Financial Services Action Plan: good progress but real impact depends on good implementation
The completion on schedule of nearly all (93%) of the legislative measures in the Financial Services Action Plan (FSAP) has been a major success for the EU according to the European Commission's latest Progress Report on the FSAP, which will be presented to the 2 June Council of Economics and Finance Ministers. This progress has been made possible by a clearly defined objective and timetable, a carefully planned strategy, high quality resources, systematic monitoring, and the goodwill of Member States, the European Parliament and market participants. The FSAP is already a powerful vector for change. However, it is much too early to evaluate whether the FSAP has achieved its stated objectives: that will depend on the correct and timely implementation and enforcement of all FSAP measures. Future priorities, in addition to implementing successfully what has already been agreed, include the rapid adoption by the Parliament and Council of the 8th Company Law Directive on Statutory Audit and of forthcoming Commission proposals for a Third Money Laundering Directive and for a Directive on Capital Adequacy.