The Fourth Financial Market Promotion Act is intended to strengthen further the integrity of the financial markets and broaden the scope of action available to stock exchanges and investment companies. The supervisory system for financial markets in Germany and some other European countries is reformed to meet the challenges of globalisation and securitisation.
In addition the trend towards a more capital market orientation will be met by the requirements for banking supervision as set up in the Basle II agreement. BIS Review 55/2001  3  Overall, the financial sector in Europe and Germany as a financial centre are well equipped to face the challenges and make use of the opportunities that the euro presents.