I believe that there is now an excellent opportunity to devise and engage in a strategy that delivers the full potential of financial integration. But in order to reap this potential, it is essential that a consistent post-FSAP strategy is adopted. I see several components in such strategy for public authorities and market participants. Let me begin with the role of public authorities.
First, it is crucial that authorities implement the FSAP measures, which provide the legal infrastructure for a single financial market, in a coherent manner. In this respect, I would highlight the provisions of the new Investment Services Directive, which will provide the single market for financial services with a core legislative framework.