The EU Experience in Financial Services Liberalization: A by Paola Bongini

By Paola Bongini

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In fact, in June 1999 the Cologne European Council endorsed the Financial Services Action Plan (FSAP) which details the work that has to be accomplished in order to reap the full benefits of a single financial market. In particular, action is envisaged under three headings or strategic objectives: a single EU wholesale market; an open and secure retail market; and sound supervisory structures. For each strategic objective, the FSAP identifies key areas for action, details the specific measures to be taken and establishes priorities for each measure identified60.

Ireland: the right of establishment does not cover the establishment of representative offices of foreign banks Removed; Greece: a) minimum capital imports are imposed for the establishment and the operations of foreign banks’ branches. Up to four branches, this requirement is equal to half of the minimum amount of share capital required to domestically incorporated banks; b) firms trading in securities are required to incorporate in Greece Annex II 63 Unbound. int Italy: condition of residence within the EC for financial salesmen GATS exemption by single member countries (and subsequent removal) No specific broad-EU legislation on this mode of supply.

A. a. a. Table 2: Foreign bank presence in selective EC countries: number of establishments* and share of assets as a percentage of total domestic banking assets 58 Annex II Annex II 59 Table 3: Mark-ups and mark-downs in EU selected countries. a. g. the EC has not bound its actions for the banking sector and this particular mode of supply. It is making no commitments either to open-up its market or to keep it as open as it was at the time of accession to the WTO. Freedom to provide cross border services throughout the Community granted to foreign subsidiaries which have received an authorization to establish in the territory of a member state.

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