The Unified European Market at Stake The achievement of a unified european market is a necessity. Eventually, any financial intermediary in Europe should be able to make business in other countries without being submitted to other authorities than his own country's. The European Commission's approach is based on three points. Firstly a free circulation of capital, which implies the end of safeguard clauses, the freedom of emitting and buying securities, and a last step that should suppress all remaining restriction on financial loans, on monetary market operations, and on deposits and assets on bank accounts. Second point, the free circulation of services and financial products. This is already done for securities and transborder operations, according to the Luxemburg Court's decision on december 4th 1986. The banking sector-especially mortgage credit- is under study. The third point consists in harmonizing legal regulations, consumer protection and information, and electronic fund transfers, and protection of public savings. The success of european financial integration depends on three main conditions. First, each country should work towards this opening; France's efforts in this direction are quite important. Second, there should be a harmonization from the top, by means of protection of savers and by avoiding, when difficulties arise, a return to national protectionist measures. The third condition is that all aspects must be considered important for the making of Europe. No sectors can be neglected. The monetary dimension, especially, should not be left apart.