This development is also the result of the impetus provided by the public measures taken in the context of the Financial Services Action Plan (FSAP), which is about to be completed. At the same time, integration in retail markets is not yet sufficiently advanced.
As regards the post-FSAP strategy, although the ECB is still in the process of formulating its views on the matter, we have already identified at least three important elements. First, the focus should be on the effective and consistent implementation of the FSAP at the national level.