Should the Commission take regulatory action?
Yes, the Commission should take appropriate regulatory action. If we want to improve the access to and the mobility of retail financial services and products, we need to develop a proper framework for regulation and supervision. Such a framework would make those products and services more portable and recognised within the European Union, and at the same time establish clear European standards for consumer protection. Financial institutions should meet clear requirements for their interaction and behaviour with consumers, but at the same time they should then be allowed to check the creditworthiness of clients in other member states. We should increase legal certainty for mobile consumers. We will also have to consider arrangements for collective redress without getting bogged down in American practices. Retail Financial Services are likely to remain a local business in most EU countries. You have argued that there should not be an opening of markets at any price and have warned agains
