Press conference by Michel Barnier, Member of the EC, on the first comprehensive review of the EU's reform agenda
Michel Barnier, membre de la CE chargé du Marché intérieur et des Services; et de l'Industrie et de l'Entrepreneuriat (ad interim), gave a press conference on the first comprehensive review of the EU financial regulation agenda. This economic review sets out how the reforms will deliver a safer and more responsible financial system by enhancing financial stability, deepening the single market for financial services and improving its efficiency whilst improving market integrity and confidence. Evidence suggests that the total expected benefits of the financial regulation agenda will outweigh the expected costs, both on a rule-by-rule basis and when considering the reforms as a whole. Many rules create considerable positive synergies, e.g. between the capital requirements package in banking and the reform of derivatives markets. The financial system is already changing and improving. This change will continue as the reforms take effect.