The EC wants to hear your voice
Despite the single market and the single currency, cross-border consolidation and mergers and acquisitions in the financial sector are few and far between. And the European Commission wants you to tell it why.
In a novel solution to a taxing problem, the Commission has set up an online survey so that businesspeople can tell it why they think there are so few cross-border mergers taking place and what the sector's biggest stumbling blocks are.
This is the latest in a number of practical moves by the Internal Market Commissioner, Charlie McCreevy, aimed at breaking down the bureaucratic barriers between the top tier of the EU and entrepreneurs.
"A sound and efficient integrated market for financial services is essential for Europe's economic growth and competitiveness," said Commissioner McCreevy. "We now must understand why there is so little cross-border consolidation in the financial sector. There is no doubt who is best placed to help us: primarily market participants, but also regulators. So we are asking them directly. While market forces must set the pace, the Commission must ensure that no unjustified obstacles exist. We will address any market failure or gap in regulation that might be identified."
The survey gives those directly involved in business a chance to have their voice heard at the top level of the EU. The Commission is encouraging all stakeholders to take part and hopes the results of the survey will be available by the end of July this year. The responses will be used for a report that will be submitted to ministers at the Ecofin Council in September.
Those wishing to take part in the survey, can do so at: http://europa.eu.int/yourvoice/forms/dispatch?form=405.
Laurence Mackin
In a novel solution to a taxing problem, the Commission has set up an online survey so that businesspeople can tell it why they think there are so few cross-border mergers taking place and what the sector's biggest stumbling blocks are.
This is the latest in a number of practical moves by the Internal Market Commissioner, Charlie McCreevy, aimed at breaking down the bureaucratic barriers between the top tier of the EU and entrepreneurs.
"A sound and efficient integrated market for financial services is essential for Europe's economic growth and competitiveness," said Commissioner McCreevy. "We now must understand why there is so little cross-border consolidation in the financial sector. There is no doubt who is best placed to help us: primarily market participants, but also regulators. So we are asking them directly. While market forces must set the pace, the Commission must ensure that no unjustified obstacles exist. We will address any market failure or gap in regulation that might be identified."
The survey gives those directly involved in business a chance to have their voice heard at the top level of the EU. The Commission is encouraging all stakeholders to take part and hopes the results of the survey will be available by the end of July this year. The responses will be used for a report that will be submitted to ministers at the Ecofin Council in September.
Those wishing to take part in the survey, can do so at: http://europa.eu.int/yourvoice/forms/dispatch?form=405.
Laurence Mackin
