TheCityUK has produced the detailed proposals in this paper as practical measures to support the process of EU reform. In particular, we have focussed on the Single Market, the economic cornerstone of the Union. More detailed comment has been made elsewhere on the Capital Markets Union, but a Single Market for capital is central to the ability of our industry to be competitive in the global economy and deliver the jobs and growth which Europe needs.
The reforms proposed here are both achievable and cumulative; some of the individual measures are small in themselves, but taken together, they will enable Europe to do less, but in a more efficient and effective manner and create a deep and strong Single Market, open to the world. The equal treatment of Member States, regardless of which currency they use, and getting the balance of regulation right to enable growth are also central to our argument. In the previous EU mandate, the focus was on stabilising the financial system; in the current five year term there is an opportunity to create a strong and focused European Union able to compete successfully with the rest of the world. The test of any reform proposals must be that they encourage economic growth, prize competitiveness, bolster Europe’s ability to foster global trade and investment and underpin the principle of subsidiarity and proportionality.
Our policy proposals cover the following four areas:
- A deep and strong Single Market, open to the world
- Better regulation
- A European agenda for jobs, growth and competitiveness
- Fair and equal treatment of all Member States.