Given the competition from other regional financial centres, Hong Kong will need to continue to increase competitiveness by maintaining flexible labour and product markets, strong institutions and sound macroeconomic policies.

Given the competition from other regional financial centres, Hong Kong will need to continue to increase competitiveness by maintaining flexible labour and product markets, strong institutions and sound macroeconomic policies.

It therefore plays a part in defining Member States’ economic and financial policies and, in practice, in forcing the States to adopt stringent policies which often involve budgetary or welfare cuts.

The objectives of the Commission’s financial services policy over the next 5 years are to: consolidate dynamically towards an integrated, open, inclusive, competitive, and economically efficient EU financial market; remove the remaining economically significant barriers so financial services can be provided and capital can circulate freely throughout the EU at the lowest possible cost – with effective levels of prudential and conduct of business regulation, resulting in high levels of financial stability, consumer benefits and consumer protection; implement, enforce and continuously evaluate the existing legislation and ...[+++] to apply rigorously the better regulation agenda to future initiatives; enhance supervisory cooperation and convergence in the EU, deepen relations with other global financial marketplaces and strengthen European influence globally.

The objectives of the Commission’s financial services policy over the next 5 years are to: consolidate dynamically towards an integrated, open, inclusive, competitive, and economically efficient EU financial market; remove the remaining economically significant barriers so financial services can be provided and capital can circulate freely throughout the EU at the lowest possible cost – with effective levels of prudential and conduct of business regulation, resulting in high levels of financial stability, consumer benefits and consumer protection; implement, enforce and continuously evaluate the existing legislation and ...[+++] to apply rigorously the better regulation agenda to future initiatives; enhance supervisory cooperation and convergence in the EU, deepen relations with other global financial marketplaces and strengthen European influence globally.

To be in line with the conclusions of the Helsinki European Council, the orientations of this communication are complementary to the measures already taken to ensure good, sound and rigorous financial management of the different policies of the European Union and to prevent the risks of irregularities or misappropriation of funds.