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EU Financial and Economic Legislation - Pulling in the Same Direction?

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About this Event

27 May 2011 @ 12:45

Watch the full keynote speech, the Q&A session and a short piece to camera in the video section to the left of this text.


About the Speaker:

Sharon Bowles is Chairwoman of the European Parliament’s influential Economic and Monetary Affairs (ECON) Committee.

In this capacity, Ms Bowles has played a central role in driving through the EU’s financial reform agenda and in channelling the European Parliament’s input into current debates over economic governance and competitiveness reforms in the Eurozone.

As a consequence, Global Financial Strategy recently named her as the 20th most influential figure in global financial regulation.

A member of Liberal Democrat party, Ms Bowles is a Chartered Patent Attorney, a Registered Trade Mark Agent and a European Patent Attorney.
 

About the Event:

The EU has had an extraordinarily busy financial and economic legislative agenda as it attempts to address the fallout of its interrelated financial, economic, social and sovereign debt crises.

At this event, Sharon Bowles MEP evaluated the coherence of the EU’s recent and ongoing reforms in financial regulation and supervision, economic surveillance and governance, and competiveness and growth promotion.

She began by giving a broad overview of the recent work of the European Parliament’s Economic and Monetary Affairs Committee on both micro- and macro-prudential regulation. She then questioned the general priorities of the EU's response, which has focused primarily on preventing future crises rather than on ensuring the current recovery.
 
Her address highlighted the need to consider stability, integration and growth as essential parts of the recovery process. She expressed a number of concerns including regulatory barriers to long-term investment and the need to ensure that upcoming initiatives (for example on OTC derivatives and the review of MiFiD) do not diminish the EU’s international competitiveness.
 
Ms Bowles also commented on Ireland's difficulties, emphasising that the euro crisis is not a problem confined to the peripheries of the EU. She called for more transparency from German banks and noted a number of political obstacles to an effective response to the crisis.

 

This content forms part of the E View project, which is part-funded by DG Communication of the European Parliament. 

 

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