EU reform: Time for change

TheCityUK has launched its latest research paper, ‘EU reform: Time for Change’ which reinforces the practical reform proposals recommended in our report: ‘EU reform: detailed proposals for a more competitive Europe’ and highlights the sustained commitment required from both Government and business to see reform become a reality.

Yesterday’s launch of the European Commission’s Capital Markets Union (CMU) Action Plan is a timely reminder of the impact TheCityUK is having on the EU reform debate, with many of the recommendations proposed by us, through the International Regulatory Strategy Group, which we co-sponsor with The City of London, being adopted in the report. The Action Plan sets out a number of important proposals which will help EU reform and enable our industry to improve jobs and growth prospects across the region.
   
This Action Plan is a positive step in realising the ambition to strengthen Europe’s capital markets and make it quicker, easier and cheaper for businesses – in particular for Europe’s higher growth companies – to access funding. More open capital markets are good for business, good for investors and good for savers. As Europe’s financial centre, London and the wider UK has a major role to play.
   
The review into the cumulative impact of previous regulatory reform as part of the Better Regulation agenda is also very positive for our industry. Financial services have a major role to play in stimulating economic growth and can only do that with appropriate regulation.
   
CMU forms an important part of our EU reform programme, the benefits of which are discussed our new research paper, ‘EU Reform: Time for Change’ which reinforces the practical reform proposals recommended in our report: ‘EU reform: detailed proposals for a more competitive Europe’ and highlights the sustained commitment required from both Government and business to see reform become a reality.
   
As the champion of EU reform, the UK has to lead by example. For our part, we have launched an extensive programme of engagement about our proposals with policymakers and practitioners across the EU.

Our key recommendations from this new report include:

  1. Government should publish a longer-term EU reform action plan and report regularly to Parliament and the public on progress. Building on previous work in this area, other Member States are encouraged to do the same.
  2. The Government’s Business Advisory Group should come forward with strategic recommendations on improving business-government collaboration on driving EU reform.
  3. Business and trade associations have an important role to play and should step up their engagement across the EU on the reform agenda.