Die Harmoniefalle

Momentan hat man überwiegend das Gefühl, die europäische Integration verlaufe eher seitwärts, wenn nicht gar rückwärts. Aber zumindest in einem Bereich gibt es wirkliche Fortschritte: Bei den Bemühungen der Kommission, einen Binnenmarkt für Finanzdienstleistungen zu schaffen.

Ein 1999 lancierter, ehrgeiziger Aktionsplan für Finanzdienstleistungen - der einen einheitlichen europäischen Firmenkundenmarkt, einen offenen und sicheren Privatkundenmarkt und moderne Aufsichtsregelungen und Überwachungen bringen soll - sah 42 Maßnahmen vor, die zwischen 2003 und 2005 umgesetzt werden sollen. Nach einem eher langsamen Start wurden rasch Fortschritte erzielt. 36 Maßnahmen wurden formal verabschiedet, darunter wichtige Richtlinien über Marktmissbrauch, Börsenprospekte, Finanzsicherheiten, Fernmarketing, kollektive Anlagenkonzepte und über einheitliche internationale Rechnungslegungsvorschriften für die konsolidierten Jahresabschlüsse aller börsennotierten Unternehmen.

Auch über weitere vier Maßnahmen konnte eine Einigung erzielt werden. Dazu zählen die Richtlinien über Wertpapierdienstleistungen, Transparenz und Übernahmen. Überdies bedeutete die Annahme des so genannten Lamfalussy-Verfahrens für die rasche Umsetzung des Aktionsplanes und Genehmigung durch eine europäische Aufsichtsbehörde einen enormen institutionellen Fortschritt.

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