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OECD Economic Surveys: European Union 2007

image of OECD Economic Surveys: European Union 2007
This survey of the European Union economy reviews the EU's economic performance and discusses the main challenges, including pushing ahead with the internal market, opening up network industries to competition, removing barriers to labour mobility, making regional cohesion policy more effective, and enhancing Europe's global role. It focuses on the common and shared policies of the Union. It complements the Euro Area Survey, which deals with monetary and fiscal policy, and the individual country Surveys that assess national policies. While many of the necessary policy changes are firmly under national sovereignty, the EU can play an important role by providing good framework conditions and continuing to enhance the internal market.

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Building competitive financial markets

This chapter discusses unfinished business in financial markets. The main challenges include greater integration of retail banking, deeper corporate finance markets and stronger financial surveillance. The chapter discusses the role that can be played by the Financial Services Action Plan, mortgage market reform, the Single Euro Payments Area (SEPA), the MiFID, mutual funds and banking supervision.

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