Hacia un único mercado de valores en la Unión Europea

Abstract

Ever since the Community Guidelines were passed in 1973 concerning freedom for the establishment, access to the activity and provision of services by financial institutions, continuous advances have been made towards establishing the framework for single legislation which, by way of harmonising macroeconomic and financial policies of the member states, has allowed the consolidation of national stock markets to advance as the first step towards a single stock market for the whole of the European Union. In this field, the current situation shows private initiative to be well ahead of the pace set by Community institutions. In order to avoid unfair situations for society, the desire for effective integration of financial markets in general, and of shares in particular, must be reconciled in practice with that of a high degree of protection for consumers, which, as well as economic freedom and responsibility on the part of the agents, will require progressive development of legal and institutional regulations to guarantee this protection.