The report’s joint authors Sir Brian Unwin and Graham Bishop said “We see the European Commission’s current proposals for European regulation and supervision of the financial services industry as an important opportunity to create a more stable and integrated European financial sector.”
In a report published on 23 March 2010, the Federal Trust is calling upon the British government elected in the forthcoming General Election to take a positive and constructive attitude towards the current European negotiations on financial regulation.
Commenting on ‘Financial Regulation : Britain’s next European Challenge’ the report’s joint authors Sir Brian Unwin and Graham Bishop said: “We see the European Commission’s current proposals for European regulation and supervision of the financial services industry as an important opportunity to create a more stable and integrated European financial sector. The pre-eminent position of the City in the provision of financial services means that the British government, whatever its political colour, will always have an interest in being at the centre of that debate, rather than on the sidelines.”
Sir Brian, a former President of the European Investment Bank, added: “Two sets of proposals are currently under consideration. One is for a range of European regulatory bodies that will be, at least at first, primarily co-ordinating entities. As long as they meet agreed European standards, national authorities will be left largely in control of their own day-to-day financial regulation. The second set of proposals is made up of specific legislative initiatives for individual financial products and sectors. This legislation is vital to complete the single European market and strike the right balance between the interests of consumers and those of service-providers throughout Europe. There is nothing to fear and much to gain for Britain in this process.”
Graham Bishop, leading analyst and commentator on the City of London, agreed: “It is in this country’s national interests and the interests of the City of London that the British government should be at the heart of the European discussion on financial services. The present Labour government has realized this, and I hope any incoming Conservative government would draw the same conclusion. Over the coming years, the British government needs to finance a record fiscal deficit, while at the same time it must produce a convincing programme for reducing that deficit. The achievement of these goals will only be possible within a credible framework of financial regulation. This framework is unlikely to be attainable without a substantial European aspect to its construction”.
© Fedtrust
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