The Financial Services Action Plan, launched by the European Commission in 1999 to rewrite the rules governing the industry in the European Union's member states, has turned out to be a complex and contentious package of measures that has left its supposed beneficiaries in the financial sector complaining bitterly of regulatory overload.

Whether the plan ever delivers its promise of creating deep and liquid markets in Europe that would allow banks, brokers, insurers and investment funds to compete freely across borders will depend heavily on decisions taken in Charlie McCreevy's five-year term as commissioner in charge of the EU's internal market.