The Council of the European Union (the Council) has published the conclusions on clearing and settlement that it adopted at its meeting on 9 October 2007. One of the conclusions adopted by the Council related to the removal of legal and fiscal barriers identified in the Giovannini Report. Here the Council agreed that their removal is a key priority and considers that concrete actions and a timeframe should be proposed promptly by the European Commission on the basis of the work of the advisory groups taking into account the views and responsibilities of the Member States. The Financial Services Committee was also invited to provide guidance to ensure progress and to monitor development.

View Council adopts conclusions on clearing and settlement, (PDF 125KB), 9 October 2007