In relation to regulation and supervision, while the single market was established in 1992, it was only in 1999, with the drafting of the Financial Services Action Plan (FSAP) , that a concerted effort was made to break down the barriers to the provision of pan-European financial services.
The Plan has led to the adoption of almost 42 Community measures which cover banking, securities, asset management, insurance and pensions, clearing and settlement and many other cross-cutting issues. The impact of the FSAP on financial markets will, however, take time to manifest itself fully, and the focus now is on consistent enforcement and implementation across the Union.