EU Financial Regulatory Framework and budget evidence heard in Brussels
8 October 2014
From 23-25 September 2014, the House of Lords EU Economic and Financial Affairs Sub-Committee visited Brussels to hear evidence in relation to its current inquiry into the EU Financial Sector Regulatory Framework and in relation to its scrutiny of the EU Budgetary Process.
- Inquiry: EU Financial Sector Regulatory Framework
- Scrutiny: 2015 Draft Budget
- EU Economic and Financial Affairs Sub-Committee
Witnesses
The Sub-Committee met with key witnesses including:
- Michel Barnier, Commissioner for the Internal Market and Services;
- Prominent MEPs such as Jean Arthuis, Chair of the European Parliament Committee on Budgets (BUDG), Dr Ingeborg Grässle, Chair of the Budgetary Control (CONT) Committee and leading UK MEPs including Dr Kay Swinburne and Richard Corbett;
- The City of London Office in Brussels;
- Expert organisations including the Centre for European Policy Studies, Finance Watch and the European Banking Federation.
The Sub-Committee asked if the programme of reforms brought forward since the outbreak of the financial crisis were sufficient to enable the EU to withstand further asymmetric shocks and future crises. It also assessed the effectiveness of the key EU institutions in the legislative process, including the Commission, the Council and the European Parliament. The Sub-Committee investigated nascent proposals for a 'Capital Markets Union', and asked what the consequences of these momentous developments would be for the UK and for the Single Market as a whole.
The Sub-Committee will continue hearing evidence in the autumn from key witnesses including the Bank of England, the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and HM Treasury.
Transcripts of the hearings will be available on our inquiry page soon.