Wanted: a sense of urgency over single capital market

Karel Lannoo

A CO-ORDINATED plan is needed to realise the full benefits of the single European capital market. Such a plan will not appear within the context of the ordinary European legislative process, which is far too slow and complex; it needs new ‘fast track’ procedures, supported at the highest political level. It should be composed of framework legislation, broad implementing powers for a new EU Securities Committee, strengthened co-operation among national regulators, and stronger enforcement. It should allow for the Financial Services Action Plan (FSAP) for securities markets to come into force in 2004. These are the most significant preliminary conclusions of the Lamfalussy Committee of Wise Men.