Nástrahy harmonizace

Existuje široce rozšířený pocit, že evropská integrace postupuje úkrokem, ne-li krokem vzad. Avšak přinejmenším v jedné oblasti došlo ke skutečnému pokroku: v úsilí Komise o vytvoření jednotného trhu finančních služeb.

Ambiciózní Akční plán finančních služeb (FSAP) - zahájený v roce 1999 s cílem zajistit jednotný evropský trh pro obchodování ve velkém, otevřené a bezpečné trhy pro drobné obchodování a moderní prozíravá pravidla a dohled - počítal se zavedením 42 opatření v letech 2003 až 2005. Navzdory pomalým začátkům došlo k rychlému pokroku, neboť bylo formálně přijato 36 opatření - mimo jiné jde o významné směrnice o zneužití trhu, prospektech, finančním zajištění, distančním marketingu, programech kolektivního investování a dále o společný soubor Mezinárodních účetních standardů pro konsolidované účetní závěrky všech kotovaných společností.

Ve věci čtyř dalších opatření, včetně směrnic o investičních službách, transparentnosti a převzetí, bylo dosaženo společné pozice. Došlo také k institucionálnímu pokroku ohledně přijetí takzvané Lamfalussyho metody pro rychlé zavádění uskutečňovaných opatření a schválení výboru evropských regulátorů.

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