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Tuesday, 23rd April 2024
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ERF commissions new ‘Cecchini’ report Back  
The European Round Table of Financial Services has commissioned a new Report on the single market for financial services.

The recently formed industry body has agreed to sponsor a new economic research study to ‘stimulate the creation of further insight into the single market for financial services’.

The round table was formed on 1st March 2001, with the purpose of providing a strong industry voice on European policy issues relating to financial services.

Paolo Cecchini will lead the study, chairing an advisory committee of senior economists. Cecchini is the author of the 1988 ‘Cecchini Report’ which became the intellectual foundation for the political debate leading to the adoption on the Single European Act and the decision to establish a single market in the European Community by 1992.
The study will evaluate the economic costs of failure to complete the single market in financial services, and the benefits that a single market will create. It will also identify potential policy options to create greater market efficiency. A final report will be published early next year, in preparation for the Barcelona summit.

Pehr Gyllenhammer, chairman of the ERF said, ‘I am delighted that the ERF is able to sponsor such a strong economic research initiative. A single market in financial services will stimulate economic growth and reduce the costs of financial services for customers in member states. The industry is working constructively with policymakers to ensure that the practical measures necessary to complete the single market are implemented quickly and effectively.’

The ERF continues to support strongly the implementation of the proposals on regulation of securities markets made earlier this year by Baron Lamfalussy’s Committee of Wise Men.

The ERF also plans to initiate further work in key areas including the future framework for supervision of financial services in an enlarged Europe; the development of private pension savings systems in response to the major funding challenges Europe faces and the creation of more effective consumer protection, within the context of more competitive markets.

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