FINANCIAL SECTOR: COMMISSION LAUNCHES SURVEY ON OBSTACLES TO CROSS-BORDER MERGERS AND ACQUISITIONS
Brussels, 19 April 2005 - The European Commission has launched an online survey on why there is little cross-border consolidation in the financial sector. The survey will be open until 15 June 2005. The responses received will serve as an input for a report that the Commission will submit to the Ministers of the Ecofin Council in September. Internal Market and Services Commissioner Charlie Mccreevy said: “A sound and efficient integrated market for financial services is essential for Europe’s economic growth and competitiveness. We now must understand why there is so little cross-border consolidation in the financial sector. There is no doubt who is best placed to help us: primarily market participants, but also regulators. So we are asking them directly. While market forces must set the pace, the Commission must ensure that no unjustified obstacles exist. We will address any market failure or gap in regulation that might be identified.” Empirical data shows a low level of cross-border consolidation in the European financial sector. The survey seeks to establish what are the underlying factors and obstacles inhibiting financial companies from exploiting the full range of cross-border opportunities available in the internal market. How to take part in the consultation The Commission encourages all stakeholders, especially the financial services industry, to take part in the online survey. To make it as quick and easy as possible to respond, the Commission is using its Interactive Policy Making (Ipm) tool, which aims to improve governance by creating web-based questionnaires for collecting and analysing reactions. To help respondents, the Commission has compiled a list of possible obstacles from various sources. This list is downloadable from the survey. The consultation is open until 15 June 2005. It can be accessed via: http://europa.Eu.int/comm/internal_market/finances/cross-sector/index_en.htm
