Abstract

This paper provides an illustration of the difficulties in harmonising European Member State legislation and explores the intricacies and practicalities of successful decision-making in the European Union [EU]. In the aftermath of the Single European Act [SEA], the beginnings of the Single European Market [SEM] and the initiation of monetary union it has become evident that financial service sectors need to involve themselves in the creation of the EU. Through a study of the discussions that revolved around the creation of the Third Life Assurance Directive this paper investigates the extent of sector involvement in EU decision-making and in doing so, analyses the utilisation of interest groups and supranationality in the process of European regulation formulation.

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