European Economic and Social Committee 16 January 2008, Opinion of the European Economic and Social Committee on the Green Paper on Retail Financial Services in the Single Market COM(2007) 226 final

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The European Economic and Social Committee (EESC) provides its opinion on the Commission's Green Paper on Retail Financial Services, supporting the removal of artificial barriers to the single market while emphasizing the need to address distribution channels and the social impact of cross-border consolidation. The Committee advocates for a clear distinction between information and professional advice, the implementation of an optional '28th regime' alongside a European ethical code, and the enhancement of consumer protection through improved financial literacy and vocational training for staff. Furthermore, the EESC stresses the importance of ensuring consumer mobility by addressing technical and fiscal constraints and establishing a legal right to a basic bank account as a citizenship right.AI