Today, the European Commission presented its new financial services strategy for the next five years. Although progress has been made through the successful completion of the Financial Services Action Plan (FSAP), the Commission concludes that the EU financial services industry (banking, insurance, securities, asset management) still has strong untapped economic and employment growth potential. The Commission's new strategy explores the best ways to effectively deliver further benefits of financial integration to industry and consumers alike. Priority No 1 is to dynamically consolidate progress and ensure sound implementation and enforcement of existing rules. No 2 is to drive through the better regulation principles into all policy making. No 3 is to enhance supervisory convergence. No 4 is to create more competition between service providers, especially those active in retail markets. No 5 is to expand EU's external influence in globalizing capital markets.