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 about event More on this topic

Past Event

Past Event

Law and macroeconomics: legal responses to recessions

This event will feature an academic lecture on the use of law as a macroeconomic tool.

Speakers: Yair Listokin and Maria Demertzis Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 12, 2019
Read about event More on this topic

Past Event

Past Event

Saving the right to asylum

How to improve the European asylum policy?

Speakers: Karen Mets, Nicolas Bauquet, Marc-Olivier Padis, Elina Ribakova, Jean-Paul Tran Thiet and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: March 5, 2019
Read about event More on this topic

Past Event

Past Event

Diverging narratives: European policies and national perceptions

Who tends to get the blame for the Euro crisis in national media? What do national politicians think about the EU and EMU?

Speakers: Pierre Boyer, Juha Pekka Nurvala, Giuseppe Porcaro and Laura Shields Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: February 27, 2019
Read about event More on this topic

Past Event

Past Event

Reforming decision-making for EU taxation policy

How should the EU taxation policy be reformed?

Speakers: Johannes Becker, Pierre Moscovici, Paola Profeta and Guntram B. Wolff Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: February 21, 2019
Read about event More on this topic

Past Event

Past Event

The European Energy Transition: A year ahead of the Twenties

This event will look at the most important issues related to energy for the next few years. The event will coincide with the launch of a book and online course on this topic.

Speakers: Klaus-Dieter Borchardt, Dirk Buschle, Alicia Carrasco, Olivier Corradi, Jos Delbeke, Rémy Garaude-Verdier, Dolf Gielen, Jean-Michel Glachant, Pascal Lamy, Philip Lowe, Susanne Nies, Alberto Pototschnig, Laurent Schmitt and Georg Zachmann Topic: Energy & Climate Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: February 19, 2019
Read about event

Past Event

Past Event

Is the European automotive industry ready for the global electric vehicle revolution?

How can Europe catch up on the global electric vehicle race?

Speakers: Eric Feunteun, Jacques Pieraerts, Julia Poliscanova, Simone Tagliapietra and Reinhilde Veugelers Topic: Energy & Climate, Innovation & Competition Policy Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: February 12, 2019
Read about event More on this topic

Past Event

Past Event

The world’s response to China’s Belt and Road Initiative

This event will look at the Chinese Belt and Road Initiative as well as the response from the rest of the world.

Speakers: George Cunningham, Uri Dadush, Jean-Francois Di Meglio, Theresa Fallon, Alicia García-Herrero and Guntram B. Wolff Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: February 8, 2019
Read article More on this topic More by this author

Opinion

The EU needs a Brexit endgame

Britain and the EU must try to preserve the longstanding economic, political, and security links and, despite the last 31 months spent arguing over Brexit, they should try to follow a new path toward convergence.

By: Jean Pisani-Ferry Topic: European Macroeconomics & Governance Date: January 31, 2019
Read about event More on this topic

Past Event

Past Event

Why facts and think tanks matter

How can Think Tanks help address today's policy challenges by providing fact-based policy recommendations. What is the importance of international cooperation for Think Tanks?

Speakers: Tommaso Canetta, Giuseppe Porcaro, Sophie Gaston and Stefani Weiss Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: January 31, 2019
Read about event More on this topic

Past Event

Past Event

Towards a new social contract

This event will look at a a proposal for a new social contract put forward by the World Bank.

Speakers: Maurizio Bussolo, Zsolt Darvas, Ruby Gropas and Bernadette Ségol Topic: European Macroeconomics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: January 24, 2019
Read article More on this topic More by this author

Opinion

What does a possible no-deal Brexit mean?

With Brexit getting closer, it is still extremely difficult to predict which one of the possible outcomes will materialise. Guntram Wolff examines what exactly it would mean for the UK to 'crash out' of the EU, for both parties.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: January 24, 2019
Read about event More on this topic

Past Event

Past Event

Rules-based trading system and EU-Australia

At this event the Australian Minister for Trade, Tourism and Investment, Senator the Hon Simon Birmingham will speak about Australia-EU bilateral trade, the FTA negotiations and the importance of multilateral rules-based trading system

Speakers: Senator the Hon Simon Birmingham, André Sapir and Guntram B. Wolff Topic: Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: January 22, 2019
Load more posts