Past Event

The impact of the EU regulatory framework for financial services

At this event Jonathan Hill will discuss the results of the European Commission consultation on the EU regulatory framework for financial services

Date: July 12, 2016, 5:30 pm Topic: Finance & Financial Regulation

SUMMARY

See below for video and audio recordings.

Jonathan Hill started his speech by looking back at his tenure as the Commissioner for Financial Stability, Financial Services, and Capital Markets Union (CMU). One major principle he followed during that time was to be brave enough not to regulate. At the heart of his approach was the Call for Evidence on financial services regulation, reviewing existing regulation. He made several proposals during his term, some of which addressed the need for a more proportionate approach to regulation, especially banking regulation, such that small businesses should receive different treatment than larger ones.

The panel with Gerhard Schick and Kay Swinburne, chaired by Guntram Wolff, discussed several issues relating to CMU and its past and future agenda. Mrs Swinburne acknowledged Hill’s general approach of reviewing the existing framework, while Mr Schick said that the project to harmonise rules in capital markets across Europe is still missing in several areas.

They further pondered whether the CMU agenda will be changing with the UK’s exit from the EU, and wondered what will happen to London. Mrs Swinburne argued that smaller countries actually have a higher potential to gain from CMU than London, and that it is important that the CMU project carries on and even accelerates to keep jobs and support growth. Mr Schick points out that there are other, structural barriers to access to finance that cannot be solved by improvements in issues like securities regulation as part of CMU.

The latter point was picked up again in the Q&A with the audience, where Mrs Swinburne argued that securitisation still helps make better use of capital and thus supports lending to small and medium-sized enterprises (SMEs). Meanwhile, Mr Schick said it is more important to have a differentiated banking system with more regional activity to fund businesses. Another question that was raised concerned financial stability. With banking union, Europe now has a very different and stronger banking system than before, Mrs Swinburne argued. Mr Schick mentioned that the system still has not been cleaned up, as the number of non-performing loans shows. This is ultimately due to the economic crisis, which needs to be resolved.

Event notes by Bennet Berger, research assistant.

VIDEO RECORDING


Schedule

Jul 12, 2016

17.00-17.30

Check-in and coffee

17.35-18.00

Keynote & Q+A

Jonathan Hill, European Commissioner for Financial Stability, Financial Services and Capital Markets Union

18.00-19.00

Panel and audience discussion

Chair: Guntram B. Wolff, Director

Gerhard Schick, Member of the German Parliament

Kay Swinburne, Member of the European Parliament

Speakers

Jonathan Hill

European Commissioner for Financial Stability, Financial Services and Capital Markets Union

Gerhard Schick

Member of the German Parliament

Kay Swinburne

Member of the European Parliament

Guntram B. Wolff

Director

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevon

matilda.sevon@bruegel.org

Read article Download PDF More on this topic

Policy Contribution

Equity finance and capital market integration in Europe

Facilitating the financing of European companies through external equity is a central ambition of European Union financial regulation, including in the European Commission’s capital markets union agenda. Against this background, the authors examine the present use of external equity by EU companies, the roles of listings on public markets, and the regulatory impediments in national laws. They assess to what extent EU market integration has overcome the crucial obstacle of shallow local capital markets.

By: Inês Goncalves Raposo and Alexander Lehmann Topic: Finance & Financial Regulation Date: January 17, 2019
Read article Download PDF More on this topic

External Publication

Analysis of developments in EU capital flows in the global context

The monitoring and analysis of capital movements is essential for policymakers, given that capital flows can have welfare implications. This report, commissioned by the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union, aims to analyse capital movements in the European Union in a global context.

By: Grégory Claeys, Maria Demertzis, Konstantinos Efstathiou, Inês Goncalves Raposo, Alexander Lehmann and David Pichler Topic: European Macroeconomics & Governance Date: January 17, 2019
Read article More on this topic More by this author

Podcast

Podcast

Director's Cut: The economics of no-deal Brexit

Bruegel director Guntram Wolff is joined by senior fellow Zsolt Darvas to rake through the possibilities and probabilities inherent in a no-deal Brexit scenario, covering trade, the Irish border, citizens' rights and the EU budget.

By: The Sound of Economics Topic: European Macroeconomics & Governance Date: January 16, 2019
Read about event More on this topic

Past Event

Past Event

Market power and its implications to competition policy

What are the reasons behind the global trends in corporate margins and market concentration?

Speakers: Adina Claici, Fiona Scott Morton, Nicolas Petit, Georgios Petropoulos and Arno Rasek Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: January 16, 2019
Read article More by this author

Blog Post

What 2019 could bring: A look inside the crystal ball

Economic performance prospects in Europe, the US and Asia in 2019. We start off by reviewing commentaries and predictions about the euro zone, which many commentators expect to perform below potential as uncertainties continue to dampen a still robust recovery.

By: Michael Baltensperger Topic: European Macroeconomics & Governance, Global Economics & Governance Date: January 14, 2019
Read article More on this topic More by this author

Blog Post

EU budget implications of a no-deal Brexit

A no-deal Brexit would mean the UK’s contributions to the EU budget fall to zero as of March 30th 2019. The author here calculates an estimate of the budget shortfall that would have to be covered in this case, and how the burden would fall across different member states.

By: Zsolt Darvas Topic: European Macroeconomics & Governance Date: January 14, 2019
Read article Download PDF More on this topic More by this author

Policy Contribution

The implications of no-deal Brexit: is the European Union prepared?

The author, based on a note written for the Bundestag EU Committee, is exploring the possible consequences of a no-deal Brexit for the EU, assessing preparations on the EU side and providing guidance on the optimal strategy for the EU, depending on the choices made by the United Kingdom.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: January 14, 2019
Read article Download PDF More by this author

Parliamentary Testimony

German Bundestag

The implications of no-deal Brexit: is the EU prepared?

Hearing on Brexit in the EU Committee of Bundestag on 14 January 2019, exploring the possible consequences of a no-deal Brexit for the EU and assessing preparations on the EU side.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance, German Bundestag, Testimonies Date: January 14, 2019
Read article More on this topic More by this author

Blog Post

Brexit: Now for something completely different?

The life of Brexit. After a week of ECJ rulings, delayed votes, Theresa May’s errands across Europe and the vote of no confidence, we review the latest economists’ opinions to try to make sense of what has changed and what hasn’t.

By: Inês Goncalves Raposo Topic: European Macroeconomics & Governance Date: December 17, 2018
Read article More on this topic

Opinion

How a second referendum could be the best way to overcome Brexit impasse

A new vote based on the revocation (or not) of Article 50 would give the UK government a clear signal to proceed in one direction or another, and thus trim down the number of options being touted – most of which are unworkable as things stand.

By: Maria Demertzis and Nicola Viegi Topic: European Macroeconomics & Governance Date: December 14, 2018
Read about event More on this topic

Past Event

Past Event

Investment and intangible capital

This event featured a presentation of the EIB's 2018 Investment Report.

Speakers: Román Arjona, Maria Demertzis, Debora Revoltella and Mario Nava Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 14, 2018
Read about event More on this topic

Past Event

Past Event

Emerging Trends in Competition Policy - A Global Perspective

How is global competition policy evolving given the challenges of the digital era?

Speakers: Cristina Caffarra, Antonio Capobianco, Kris Dekeyser, William Kovacic and Georgios Petropoulos Topic: Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: December 11, 2018
Load more posts