The creation of a pan-European financial services market has long been a central plank of EU policy. The Financial Services Action Plan (FSAP), endorsed by the heads of government of each member state at the Lisbon European Council in March 2000, emphasized its importance.
The primary markets are seen as fundamental to the creation of the single market in financial services, and the ability to provide issuers with a passport to unlock the untapped pan-European investor base would represent a significant step forward.
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