TheCityUK Releases New EU Financial Reform ReportBy Thecityuk, PRNE
Wednesday, June 29, 2011
LONDON, June 30, 2011 -
the independent body promoting href="thecityuk.com/financial-services-in-the-uk/">UK
financial services on a world scale, has launched a new report
on financial reform in conjunction with Oxford Economics and
the International Regulatory Strategy Group (IRSG).
Balancing growth and stability in EU financial reform,
the report identifies the need for financial reform to strike a
balance between the twin goals of economic growth and financial
The news comes at a key moment as governments and regulators
continue to reassess the global regulatory architecture in the wake
of the banking crisis. The report highlights that while new
regulatory measures are required to restore confidence in the
financial system, it is essential that policymakers also take
account of the costs of new regulatory measures - not only in the
financial services industry, but across the wider EU economy.
Chris Cummings, CEO of TheCityUK commented: “Given the large and
visible costs of financial instability for society as a whole, it
is right for policymakers to make the avoidance of financial crises
a high priority. But it is also important to recognise that
regulation carries a range of impacts that can dilute the benefits
to consumers and the wider economy from a vibrant financial
“The financial services
industry is a driver of growth. It helped European companies
raise €126bn last year for business investment. It employs nearing
10m people throughout Europe, nearly 5% of the total EU workforce
contributing 6% of the Union’s economic output. Our report provides
a framework to inform the policy debate on financial regulation in
Europe, and by extension the future of Europe’s financial system
and its entire economy.
“TheCityUK and its members look forward to engaging with
policymakers in the EU and its member states to create the
conditions in which Europe’s savers, companies and taxpayers regain
full confidence in the stability of the financial system.”
Download the full report at
TheCityUK is the independent membership body promoting the UK’s
financial service industry and related href="www.thecityuk.com/">professional services
industry. It was created with the support and initial financial
backing of the City of London Corporation.
TheCityUK is the cross-sector voice for the UK financial
services community working to build a deeper pool of support across
the UK, promoting UK financial services overseas and contributing
to the regulatory and trade policy debate.
The purpose of the organisation is to partner prosperity -
supporting the competitiveness of UK financial services and
protecting their considerable economic contribution. TheCityUK
co-ordinates and facilitates the contribution of its members to
drive and deliver its priorities.
services membership covers all sectors in the financial
services industry and the related professional services industry.
It is independent and politically neutral.
Contact: Tim Skelton-Smith, TheCityUK, Head of Marketing Communications, +44(0)20-7776-8970, tim.skelton-smith at thecityuk.com
Tags: June 30, London, Thecityuk, United Kingdom