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Resume
Madrid, April 2.- The European Shadow
Financial Regulatory Committee (ESFRC), Europe’s leading independent
financial watch-dog group, held its most recent meeting at IESE’s
campus in Madrid in March. At the event, the committee reacted with scepticism
to the EU’s new plan to create a single financial services market.
Endorsed by member states at the recent Stockholm Summit, the plan was
called “overambitious” at the committee meeting, which was hosted
by IESE professor Jordi Canals.
While the committee welcomed the Stockholm summit’s adoption of the
Lamfalussy Report on European financial markets, calling it a “useful
diagnosis of the issues and problems”, it pointed out several shortcomings.
“The Lamfalussy Report is full of good intentions but it appears
to be a political compromise between the European Commission and the Council
of Ministers”, said Canals, a founding member of the ESFRC. “Unless
there is a change in attitude in the Commission, integrated financial
markets in Europe are still far away.”
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