EUROPE – Charlie McCreevy, the European Commission’s incoming internal markets chief, says “targeted legislative action” in asset management and other areas may be appropriate.

“I will not rush into new legislative initiatives beyond those already announced,” McCreevy said in a written response to questions from MEPs.

“Nevertheless, targeted legislative action in response to specific market failures or regulatory gaps, for instance in areas like asset management, clearing and settlement and retail financial services, may be appropriate.”

“I fully support the vision of a single capital market of which the legal foundations have been laid by the FSAP Financial Services Action_Plan,” McCreevy said. “The question now is how to capture the economic benefits as soon as possible.

“We have to ensure that the developing new EU system does effectively function to the satisfaction of businesses and citizens.

“That is why we have to focus on implementation and enforcement, to improve supervisory cooperation, have more systematic recourse to impact assessment and evidence-based policy making, with strict respect for proportionality and subsidiarity.”

He said he wants to ensure that the FSAP, of which the pensions directive is a part, is “fully delivered and implemented effectively on time”.

Irish finance minister McCreevy, 54, is set to take over from Frits Bolkestein later this year. He has a business-friendly reputation.