1. Figures quoted in the Testimony of Alexander Schaub, Director-General, DG Internal Market of the European Commission, before the Committee on Financial Services, US House of Representatives, 13 May 2004, available at: http://europa.eu.int/comm/internal_market/finances/docs/general/2004-05-13-testimony_en.pdf (last accessed April 2006).
2. HM Treasury, Financial Services Authority and Bank of England, After the EU Financial Services Action Plan: A New Strategic Approach (2004) p. 35, available at: http://www.hm-treasury.gov.uk.
3. European Commission, A stronger EU-US Partnership and a more open market for the 21st century, COM (2005) 196, p. 9.
4. European Commission, Implementing the Framework for Financial Markets: Action Plan, COM (1999) 232 (the FSAP).
5. See, for example, L. Stout, ‘The Investor Confidence Game’, 68 Brooklyn Law Review (2002) p. 407; A. Jackson, The Aggregate Behaviour of Individual Investors (2003), available at SSRN: http://www.ssrn.com/abstract=536942 (last accessed May 2006).