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EPP Group wants overall check-up of EU financial markets regulation


19 Jan 2016


Euro & Finance

The EPP Group wants an overall check-up of the entire EU financial markets regulation set up over the past five years.

"During the crisis, we produced, under enormous time pressure, more new financial market rules than in many decades before. This has been a great success so far. But now we need a full overview of what actually worked, what is missing, what is inefficient and what was done too quickly", said Burkhard Balz MEP, the EPP Group's Spokesman on financial market regulation and author of Parliament's Report on stocktaking and the challenges of the EU Financial Services Regulation.

We need to examine consistency, accuracy, proportionality, added value and the economic effects of financial market rules

Burkhard Balz MEP

Balz calls on the European Commission to prepare a comprehensive impact assessment of the new rules in all sectors of financial markets before the end of 2016.

"We need to examine consistency, accuracy, proportionality, complexity, added value and - of course - the economic effects of the rules", said Balz in Parliament's plenary debate.

The Report calling for this overall check-up, drafted by Balz, was adopted by the European Parliament with a large majority (575 votes in favour, 106 against, 32 abstentions).