First, Brexit accentuates the need to develop and integrate the EU’s capital markets to prepare for the likelihood that the City of London will play a reduced role in the future. There is need therefore renew ambition for the capital markets union (CMU) project.
Second, Brexit means that the EU’s future relationship with the United Kingdom in financial services needs to be defined. There is need to balance reaping the benefits of financial integration with safeguarding financial stability.
Third, Brexit reminds us that there is need to continue to deepen Economic and Monetary Union (EMU) and bolster the Single Market beyond its financial dimension.
The unifying theme of the three priorities he outlines can be summarised by looking at the nature of the Single Market. In a nutshell, the Single Market – including for financial services – provides a framework in which integration is accompanied by supervisory and regulatory convergence through common rules and institutions. It is this landscape of rules and institutions which provides the necessary protection for people and businesses to engage in cross-border activities. It is a framework that has delivered tremendous benefits to its members. It is extremely valuable and needs to be protected.
Whatever the outcome of the negotiations with the United Kingdom, the integrity of the Single Market must be ensured.
Brexit underscores the need to move ahead with securing all facets and institutional foundations of our Union. A Union which has led to peace on the Continent. A Union which has provided great benefits for the people of Europe, increasing living standards across Member States and bringing them closer together. But this great European project has to do more than just reflect on its past achievements. It needs to continue improving itself to deliver visible benefits for people’s day-to-day lives.