Sharon Bowles MEP

Speaking time on ESAs

The new supervisory architecture is a step forward in a continuing journey.

We are expecting great things from the common rule book, but currently our financial legislation is like Swiss cheese, full of holes and carve outs, places where a single rule book will never reach, and that is a shame we share until we all truly subscribe to a single market in financial services.

In the new supervisory architecture we will have an extra dimension to achieve cross border coordination, but extra care needs to be taken to make sure that decisions are responsive and stay close to the markets. ESAs need to have fingers in all the pies and eyes in the back of their heads to make appropriate decisions, a bad decision is not made better by making it widespread.

ENDS