Lords EU Committee launches inquiry into EU financial regulatory framework

The House of Lords EU Sub-Committee on Economic and Financial Affairs is today launching its inquiry into the EU financial regulatory framework, with a view to assessing whether it is sufficiently robust to prevent future financial crises.

The inquiry will cover areas such as:

• How effective are the reforms to the financial regulatory framework introduced since the 2007 outbreak of the crisis?
• Which are the biggest strengths and weaknesses in the regulatory framework?
• How effective has the EU's attempt to harmonise rules in the form of the Single Rulebook been? Have the needs of consumers of financial services and products been met satisfactorily?
• What is the best balance between the powers of Member States and the EU when it comes to regulation and supervision?
• Are there any inconsistencies between regulation of the eurozone and of the wider European Union?
• What will the challenges be for those Member States not in the eurozone, such as the UK? Has the UK done enough to defend its strategic interests?

Commenting Lord Harrison, Chairman of the House of Lords EU Sub-Committee on Economic and Financial Affairs, said:

“The pace of reform since the outbreak of the financial crisis has transformed the EU financial regulatory architecture. Given that the Commission states that the majority of major reforms have been agreed, now is an ideal time to take stock of the major reforms that have been put in place. Are there any overlaps or inconsistencies? What gaps in regulation remain? What will be the impact of these reforms not only on the financial sector but on ordinary consumers? And where does all of this leave the UK?

These are the key questions that we will be seeking to address in our inquiry. We would encourage anyone with relevant expertise or experience in these issues to submit evidence.”

The Committee has today published its Call for Evidence, and invites any interested parties to submit written evidence by 30 September.

The Committee will start taking oral evidence from 22 July, when it will hear from Sharon Bowles, the former Chair of the European Parliament Economic and Monetary Affairs (ECON) Committee. On 29 July, the Committee will hear evidence from a panel of academic experts. Further evidence sessions will take place in the autumn.