How does the Green Paper on Retail Financial Services in the Single Market relate to the Single Market Review?

The Commission is currently reviewing the single market to ensure its policies are attuned to the 21st century. The interim report to the Spring European Council outlines the new approach to using single market instruments, and focuses on enhancing consumer welfare.[1] The Commission will present its final report in autumn 2007, which will include concrete measures to benefit citizens.

Retail financial services represent an important part of this review. They are an essential part of the everyday lives of EU citizens. But despite significant progress in recent years, studies show that retail financial services integration appears not yet to have reached its potential and that competition seems insufficient in some areas, leaving EU consumers unable to take full advantage of the benefits of the Single Market. The results of this extensive consultation process will be incorporated into the Single Market Review report to be published in the autumn.