TheCityUK Releases New EU Financial Reform Report
30 Jun, 2011, 09:52 BST
LONDON, June 30, 2011 /PRNewswire/ --
TheCityUK (http://www.thecityuk.com/), the independent body promoting 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).
Entitled 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 stability.
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 services sector.
"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
About TheCityUK
TheCityUK is the independent membership body promoting the UK's financial service industry and related 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.
Its UK-wide financial services membership covers all sectors in the financial services industry and the related professional services industry. It is independent and politically neutral.
For more information on TheCityUK and UK financial services, visit http://www.thecityuk.com/
SOURCE TheCityUK