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 General Publications
Single Market News
Edition 30
Editorial:
By Alexander Schaub |
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- I am lucky enough to be taking over as Director General of the Internal Market DG at an exciting time and to be following John Mogg, whose achievements over the last nine years speak for themselves.
- Completion of the Financial Services Action Plan is now within our grasp.
As described in this issue, significant advances have been made in the legislative process in relation to proposals for Directives on prospectuses, financial conglomerates and market abuse. The Commission has also put forward a new proposal on common rules for takeover bids, which aims to provide greater legal certainty for European firms engaging in cross-border takeover bids in the interests of all concerned, including their employees, and to protect minority shareholders where control of a company changes hands.
- All of these proposed measures have two things in common. First, they will promote the integration of European markets and therefore make those markets more efficient and help boost growth and prosperity. Second they will protect the interests of investors, shareholders, employees and the general public by increasing transparency and making it more difficult for unscrupulous company managers and financial market operators to mislead and manipulate the markets.
- One investment that most people make is in a car, and many are interested in the possibility of buying wherever in the EU they can find the best value. One of the aims of the proposal for a new Motor Insurance Directive, which would modernise and improve existing EU rules in this field, is to help people to make such cross-border purchases by making it easier to get short-term insurance to cover the car until it is re-registered in the country into which it is being imported.
- Progress has been made in modernising the regulatory framework for risk capital. However, the fourth progress Report on the implementation of the Risk Capital Action Plan (RCAP) calls for more effort on the pan-European patent and on breaking down undesirable tax barriers. The Report recognises that unfavourable market conditions and a lack of integration between national markets are still hampering risk capital operators in both current and future EU Member States.
- There are also important issues to be addressed in service sectors other than financial services. A recent Report on the state of the Internal Market for services indicates the main barriers European business and consumers encounter
(see Special Feature). The Commission is drawing up a series of measures to tackle these obstacles, which have an impact on the whole economy.
- While focussing heavily on services, we should not be complacent about the free movement of goods. As another Report shows, although the principle of mutual recognition is already well applied in the case of simple products, a great deal remains to be done where technically complex products or products that can cause safety and health problems are concerned.
- This edition of Single Market News is the last of 2002. For reasons beyond our control, the editorial team was unable to deliver the usual number of issues at the usual intervals. We offer our apologies to readers, together with the assurance that normal service will be resumed in 2003. May I also take the opportunity of expressing to readers our best wishes for the New Year.
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Date:
16/05/2006
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