The Economic and Monetary Affairs Committee (ECON) of the European Parliament currently works on an initiative report on the intermediate result of Financial Services Regulation. Since the culmination of the financial crisis, more than 400 laws and implementing rules have been adopted. After the quick introduction it is now time to improve the consistency of this multitude of rules, to ensure fair competition betweeen the different service providers and to monitor the effective implementation by the EU Member States. The unintended interactions and loopholes of the diverse legislative initiatives as well as their contribution to financial stability have to be assessed. Additionally, the principle of proportionality should move to the fore again. The initiative report of the European Parliament is a welcome occasion to hint to the major problems and to make proposals for corrections.
Please find the Initiative Report here.
We would be very happy if those of you who have suggestions for specific comments on those important issues could send us their input by Sunday, September 20, 2015.