EIM Financial - May 2014

02 June 2014

The formal enactment of Banking Union measures marked the end of the Level 1 legislative phase – for the moment. But 1000 pages of MiFID consultation underlined the magnitude of the detail now to come.

• The formal enactment of Banking Union measures marked the end of the Level 1 legislative phase – for the moment.

• ESMA launched a 1000 page consultation on MiFID II. 

• The development of "good" securitisation and capital markets is a recurrent theme that is no longer automatically blackened by the label "shadow banking".

• The costs of implementing the reform process are now becoming apparent – in particular the data requirements that are essential if regulators are to recognise incipient risks.

But all this implies an ever-more single market in finance, and thus greater integration of the required political control. Yet the EP elections sent a powerful message about `something’. Can this circle be squared?

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© Graham Bishop