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“EU financial services legislation is not 'piggy in the middle' – BOWLES Print E-mail
Wednesday, 22 January 2014

The Chair of the European Parliament’s Economic and Monetary Affairs Committee, Sharon Bowles MEP, has submitted a response to the Treasury’s Balance of Competencies Review highlighting the benefits of EU membership, a position also taken up by the British Banker’s Association in their submission published today.

Commenting, Ms Bowles said:

“The UK is the world’s largest exporter of financial services therefore the rest of the world expects us to have high standards. That said, there is no way we could expect to export to the rest of Europe if we do not subscribe to EU rules, a fact that significantly weakens the case for a UK exit. Indeed, this is an argument I and others have made in submissions to the Treasury’s Balance of Competencies Review.”

“Whereas I have been able to submit my response with an inside view of how legislation is produced, it is interesting to see that the BBA and other bodies have reached some of the same conclusions as me from an informed outside position.

“As Chair of the Parliament’s Economic and Monetary Affairs Committee I am in agreement with the BBA that there is room for improvement regarding the UK’s relationship with Brussels and, as I have put it, not just seeing EU financial services legislation as piggy in the middle between international engagement and national rules.”

(Source - Sharon Bowles Press Release)  

 

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