Examines the progress made since 1985 in creating a Single European Market in financial services. Draws two central 'lessons' for Latin America from the European experience : first, that the contracting parties should collectively decide upon clear objectives for financial-service integration, including economic development and global competitiveness on the one hand and on the other the relationship with US and other international regulatory authorities; and second, that effective implementation will require parallel fiscal and banking reforms, a commitment to macroeconomic and monetary coordination, and specific support for the less developed member countries.

3/7/00 M2LMGR