Here, the implementation of the Action Plan for Financial Services by the end of 2005 will help to improve access for venture capital by reducing intra-EU barriers to capital transfers. This implies to integrate the market for government bonds, to harmonise accounting standards and to enhance co-operation between financial services regulators in different EU countries.
In addition, many of them have a development mandate – of building institutions, deepening financial markets, modernizing financial sector infrastructures and furthering financial inclusion. BIS central bankers’ speeches  1  Think global, act local 8. Given this difference, there was no settled view in EMEs about the optimal institutional design for their central banks.