A wide variety of systems exists at present, varying, in part, according to the role of banks versus markets in corporate governance and the extent to which corporate governance mechanisms associated with growth of financial markets can co-exist with other methods based on institutions. The EU is sensitive to such differences.
However, the greater development of markets necessitates the implementation of rules to regulate market behaviour, for example, in the areas of takeovers and takeover bids. Such differences need to be overcome quickly if the aim of implementing the FSAP by end-2005 (and the RCAP by end-2003) is to be realized.