One of the core objectives of the European Union (EU) is to promote and create a single market in financial services. The Maastricht Treaty of 1992 introduced the freedom of movement of capital and laid the foundation for the introduction of the euro and the development of a single EU capital market. The euro was introduced in almost all member states in mainland Europe, but where do we stand in respect of the integration of EU capital markets?
During a recent conference, a host of market participants gathered in Amsterdam to exchange views on this question. The unanimous conclusion reached was that over the past five years impressive progress has been made, but that there is still a long way to go towards a truly integrated financial market in the EU.
