Another essential European initiative was the adoption by the Commission, in May 1999, of a programme for the completion of the Single Market for financial services. This programme, the Financial Services Action Plan, lists a series of measures with indicative priorities and timetables. The project considered as a whole and its inherent philosophy are capable of enhancing economic growth.
There are divergences of opinion on this matter not only between the supervised institutions and the supervisors but also, in some cases, among the supervisors themselves. In order to assess both courses of action (modernise or redesign), it would appear to be the obvious approach to use current, accepted criteria in the field of prudential supervision.