Réinventer les marchés financiers européens

FRANCFORT – En dépit des progrès de l’intégration des marchés financiers européens, il demeure des obstacles dans tous les secteurs clés : services au détail, fusions et acquisitions bancaires et harmonisation fiscale, pour n’en citer que quelques-uns. Parvenir à un marché financier unique stimulerait la croissance et la prospérité dans tous les États membres. Cela élargirait aussi le choix pour les consommateurs, ouvrirait une foule de nouvelles possibilités d’investissement, renforcerait le secteur bancaire européen et ferait de l’Europe un centre de l’innovation financière.

À quoi ressemblera le marché financier européen unique ? Tout d’abord, un nivellement à l’intérieur de l’UE est nécessaire. Ensuite, la consolidation du secteur bancaire européen doit être étendue, avec la suppression de toutes les barrières protectionnistes ou autres obstacles aux fusions et acquisitions. Troisièmement, la place du marché européen devrait être entièrement intégrée au réseau mondial des centres financiers, notamment ceux des États-Unis et d’Asie.

Le plan d’action pour les services financiers de l’UE, lancé en 1999 et mis en place progressivement, s’est concentré principalement sur les marchés boursiers. Il a stimulé la concurrence et l’innovation des traders professionnels et encouragé en particulier les acteurs du marché institutionnel à faire des opérations au-delà des frontières de l'UE. Résultat : le secteur des ventes de valeurs "en gros" a considérablement progressé. Les clients au détail ont, toutefois, étaient largement ignorés.

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