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.
There are a several reasons why the Bank, and the SCAB, want to see more integrated EURO financial markets. These include better and more efficient allocation of risk and capital, the smooth operation of the monetary policy transmission mechanism and of payment systems, and greater overall financial stability.