European Financial Services Round Table Issues Economic Report

February 26, 2002

A report commissioned by the European Financial Services Round Table (EFR) has concluded that “the completion of the single market for financial services in Europe would create substantial benefits for consumers across Europe and also for economic growth.”

The EFR consists of the CEO’s of many of Europe’s largest banks and insurance companies. Members include Claude Bébéar, former head of France’s AXA, Gianfranco Gutty of Italy’s Generali, Pehr Gyllenhammar of the U.K.’s CGNU, Ewald Kist of the Netherlands ING, Sir George Mathewson of the Royal Bank of Scotland, Hans Jürgen Schinzler of Munich Re and Henning Schulte-Noelle of Allianz from Germany, Kees J. Storm of Holland’s Aegon, and Anton van Rossum of the Belgian-Dutch group Fortis.

Gyllenhammar, the EFR Chairman stressed the opportunities presented by greater unity, and pointed out that financial services, including the insurance industry were an important part o building that unity.

“Progress on financial services is an important objective for the forthcoming Barcelona summit,” he observed. “We in the financial services industry will play our part in working with the European Commission, the European parliament and the Council to design and implement the practical reforms required to complete the vision of a single European market. Planned enlargement makes it even more urgent to complete this task.”|”european, financial, services, round, table, issues, economic, report

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