As a tax measure, however, the directive requires unanimity in the Council for final adoption, no small feat when 15 countries are involved. The creation of a single European market in financial services was a hard nut to crack, but it has been a resounding success. It has created stronger, more competitive banks, insurance firms and investment houses as well as giving business customers freer access to capital, helping economic recovery take root. The EU wants to see similar benefits spread worldwide, not just for European operators, but for emerging economies which need leaner, more flexible and more innovative banks and other providers in order to nourish and sustain economic growth. Closed and overregulated regimes are currently stunting economic development, even in some of the most dynamic economies.
Barriers persist in the developed countries as well.
That is why we rescued the WTO talks two years ago and why we will give every bit as much impetus to the creation of a lasting worldwide financial services regime by the end of the year. The Japanese Ministry of Transport is engaged in a Multi Functional Transport Satellite project, with the aim of launching a satellite by 1999. It will provide a global navigation system for airplanes, adapted to Japan's specific needs. Similar projects have been launched in the US and the EU, on the basis of different technical standards. In its call for tender, Japan restricted suppliers to the use of US technical specifications, thereby excluding European companies.