EU financial plan revealed

INTERNAL Market Commissioner Charlie McCreevy launched the second phase of the plan to integrate EU financial markets yesterday with a promise of no major new legislation.

But the former Finance Minister said he will publish a green paper on asset management in July dealing with the €5 trillion business that accounts for 50% of the EU’s GDP.

Yesterday’s discussion document focuses on implementing the existing rules under the relatively successful Financial Services Action Plan introduced in 1999. The emphasis is on finding ways to ensure greater competition between all agencies in the EU involved in financial services from pension funds to retail banking.