Западня гармонизации

Существует распространенное мнение, что процесс европейской интеграции отклоняется в сторону от намеченного пути или вообще движется в противоположном направлении. Но, по крайней мере, в одной сфере был достигнут реальный прогресс, а именно в работе Европейской Комиссии над созданием единого рынка финансовых услуг.

Амбициозным планом действий в сфере финансовых услуг (Financial Services Action Plan), реализация которого была начата в 1999 году с целью создания единого оптового рынка, открытых и безопасных розничных рынков, а также установления современного разумного регулирования и контроля, были предусмотрены разработка и принятие 42-х документов, что планировалось завершить к 2003 - 2005 году. Несмотря на медленный старт, был достигнут быстрый прогресс, выразившийся в официальном принятии 36 документов, включая важные директивы по злоупотреблениям на рынке, биржевым проспектам, финансовым гарантиям, дистанционному маркетингу, коллективным инвестиционным проектам, а также единым Международным стандартам бухгалтерского учета для сводных финансовых отчетов по различным аспектам деятельности компаний, акции которых котируются на фондовых биржах.Â

Общее понимание было достигнуто по еще четырем документам, включая директивы по инвестиционным услугам, прозрачности и слиянию компаний. Также имел место институциональный скачок вперед в связи с принятием так называемого метода Ламфалусси для быстрого принятия реализационных мер и их утверждения Европейским регулирующим комитетом.

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