The Treasury Committee of the UK Parliament held a hearing on existing and proposed EU legislation and activity in the field of financial services. The hearing on which Mr McCarthy and Mr Tiner from the Financial Services Authority took part included the progress of the Financial Services Action Plan, and ideas for future action identified in the May 2004 Report from the EU Financial Services Committee (FSC) on Financial Integration.
With regard to the question of a European 'super regulator', for example, Mr Carthy stated that: At the moment I believe it would be both impossible and undesirable. I could conceive of circumstances in which it was possibly desirable, but they are a long, long way away from where we are today.”
Transscript of the meeting
Press note of July
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