ABSTRACT
This chapter analyses the making of the Single Market in financial services, focusing on the period from the publication of the FSAP in 1999 to the establishment of the Lamfalussy architecture. This analysis is preceded by a brief historical overview of the first four decades of European financial integration, tracing the policy trajectory and institutional evolution over time, and identifying the main factors that explain the developments (or setbacks) that took place at various stages. The chapter begins by outlining the broad institutional framework for financial services regulation and supervision in the EU. Its purpose is to set the background for the more detailed analysis that is offered in the following chapters, which focus on the policy evolution from 1999 onwards and give a detailed description of the specific institutions governing each of the financial services examined.
