Completion of the consolidated European financial market construction is more feasible at present than several years ago. Many of the integration efforts pertain to the capital market because this segment of the European market still lags behind in the integration process. One of such initiatives is the large-scale Financial Services Action Plan (FSAP). Its legislative stage is coming to an end. This is thus a proper moment to ask about the changes that occurred in the European capital market in the recent years, about the importance of FSAP and about the future strategy.

The first part of the article discusses the reasons for taking steps aimed at the capital market integration. The article also presents the objectives of FSAP and the measures used to achieve them. Further on, the article presents a detailed summary of the course and progress of each project. Another issue presented in the article is an analysis of the situation on the European financial market. Progress has been observed in the area of integration, its source, as well as the still present barriers to cross-border activities in the European market. The article concludes with an attempt to determine the measures to be taken after the FSAP implementation has come to an end. The scope of work planned by the European Commission, the areas on which attention should be focused as well as the activities and improvements proposed by the capital market experts have been presented.