Markus Ferber has given his assurances that there will be no change of course on implementing market regulations despite a change of guard at the European Commission.
Jonathan Hill, the European Commissioner in charge of Financial Stability, Financial Services and Capital Markets Union (CMU) announced his resignation on 25 June and will be replaced by Commission vice-president Valdis Dombrovskis.
Lord Hill was charged with establishing a CMU by 2019, for all 28 Member States of the EU, and maximising the benefits of capital markets.
Despite worries over the future of the initiative, Ferber eased worries by stating that Dombrovskis has a ‘similar understanding of financial markets legislation’.
He added: “Hence, there will be stability in those troubled times.”
Ferber, Member of the European Parliament, issued a statement on the implications for financial markets regulation, tax policy and competition policy, stating that London will ‘be a far less attractive place to do business’.
He added that there is no automatism when it comes to accessing the single market for financial services. The single market access will only being possible if equivalence of the British legal framework with the European one is safeguarded.
Ferber did add however, that the European Banking Authority (EBA) can no longer be based in London and will be relocated to a different location within the European Union.
‘No change of course’ on regulations in Europe
MEP Markus Ferber says that there will be no change of course on regulations despite a new head of financial stability, financial services and the CMU project.