30 June 2015

TheCityUK’s EU reform agenda: detailed proposals for a competitive Europe

The main point of the report, launched at TheCityUK’s Annual Conference, is a call for a renewed focus on completing a deep and strong Single Market and ensuring it is fit for purpose.

Sir Gerry Grimstone, Chairman, TheCityUK, said, “Fact not fiction should inform the EU reform agenda. The evidence we’ve gathered from the financial and related professional services industry shows that continued membership of the EU is vital for UK competitiveness, but a lot needs to be change if the EU is to better serve the interests of its 500 million people. The City is Europe’s financial capital and our members, representing many different countries, want practical change that can be delivered quickly, promote economic growth, bolster global trade and investment, and secure Europe’s competitive position in the world. Let’s get on with it.”

TheCityUK’s 25 reform proposals are focused around four core themes:

1. A deep and strong Single Market, open to the world – a commitment to completing the Single Market in Capital, the Single Market in Financial Services and the Digital Single Market. 
2. Better regulation – ensuring that impact assessments on any legislative or rule-making proposal for all EU institutions are conducted by an independent Regulatory Scrutiny Body. 
3. A European agenda for jobs, growth and competitiveness – a third country regime that ensures the EU remains open for business from outside the EU and a reassessment  of the resources allocated to negotiating vital trade and investment agreements.
4. Fair and equal treatment of all Member States – protecting the integrity of the Single Market and ensuring institutional arrangements for both regulation and supervision continue to reflect the interests of all Member States, whether within or outside the Eurozone. Better implementation of European legislation should be prioritised.

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Full report

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