• Text size      
  • Send this article to a friend
  • Print this article

What we need from Europe 1: New moves toward single market

What we are looking for from the new European Union mandate is a reinvigoration of the move towards a single market for financial services.

A lot of the necessary changes that have come on the regulatory side have rolled back the single market rather than enhanced it.

Banking union is also still a work in progress in part due to changes in the rules about capitalisation - this is being done on a national basis which is, of course, a step away from Europe-wide solutions.

The European Commission is most important to us as it initiates policy. The internal markets and services commissioner Michel Barnier has done very well managing the after-affects of the crisis, but looking ahead we would like to see a commissioner with more of a focus on promoting growth through open markets.

We will be taking a close interest in the composition of the European Parliament, especially the expected influx of MEPs who are there effectively to disrupt decision-making. Things are already quite difficult in the parliament for the UK as the Tories are sitting outside the mainstream conservative EPP bloc, which limits their influence when it comes to appointing rapporteurs, committee chairs and so on. That has been a problem. Our organisation has no choice to work with the government of the day, and if the main party of government has chosen to exclude itself in this way, that's pretty unhelpful.

Contextual targeting label: 
Local government

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

205135