As Lord
Hill, who is seeking approval as EU Commissioner for Financial Services, faced
his second hearing with MEPs in Brussels this week to convince the Commission
of his suitability for the job, he did so at a time when talk of recession is
back on the agend.
Across many
of the EU’s 28 member states, economic growth is slow, unemployment is high,
and confidence is low. There is also a significant proportion of the EU
population that is opposed to further integration and sees the single market as
a threat.
As Jonathan Faull, director general of Internal Market and Services at the European Commission writes in ICAEW’s new publication, Europe’s Future in Global Markets, despite the single market offering people great freedom; the choice of where to live, where to work, what to buy and where to buy it from, “this impressive project still suffers from lack of popularity.”
As Jonathan Faull, director general of Internal Market and Services at the European Commission writes in ICAEW’s new publication, Europe’s Future in Global Markets, despite the single market offering people great freedom; the choice of where to live, where to work, what to buy and where to buy it from, “this impressive project still suffers from lack of popularity.”
ICAEW has had a presence in Brussels for 20 years to engage with EU
institutions and stakeholders. So it was appropriate to mark this anniversary
not just with recognition of the work it does in Brussels but also to host a
debate on Europe’s future in the global market and in particular, the future of
the single market.
As ICAEW chief executive Michael Izza told guests who had travelled from all over Europe, the EU is deeper and wider than perhaps anyone could have forseen in the early 1990s when ICAEW established a presence in Brussels. “The single market – the world’s largest – remains at the heart of this very different union. Many barriers have been removed, but obstacles and inefficiencies remain. ”
Sitting alongside Michael Izza to aid the discussion were panellists Gerry Cross, head of Brussels office at the Association for Financial Markets in Europe; Pierre Delsaux, deputy director for internal market and services at the European Commission; Catherine Stihler, MEP and Pablo Zalba Bidegain, MEP.
So what did they have to say in answer to the big question: how do we improve the single market? Izza identified the digital economy and banking as sectors that required a boost or restoration. He suggested more focus on green energy, plugging the skills gap, strong financial leadership to fix public finances and better tax systems.
“The EU will have to achieve more with less,” he added. And the impetus must come from national governments as well.
“There is not one magic solution,” agreed Pierre Delsaux, but in order to improve “access to markets, finance and the world” the EU does have to work better together, he said. And that doesn’t mean by adding new regulation, “There is regulatory fatigue, current legislation needs to be better enforced and implemented.”
He added, “We need more industry in Europe. Those countries that have good industry have had a better resistance to crisis. But we also need more services – good accountants help industry to grow. We need to try and build a common narrative between both.”
He agreed with Izza that developing ecommerce to compete with the rest of the world, namely the US, Korea and China, is “fundamental”. The digital economy will drive economic growth and create jobs, added Catherine Stihler.
To consolidate economic recovery, the EU needs to improve productivity said Pablo Zalba Bidegain. If the single market is one of the EU’s main assets, it should be more competitive and ambitious. How can we reduce energy costs, he added. And how can we reduce dependency on banks to improve access to finance? “I’m aware of the importance of this mix: strengthening the single market requires reforms at national level, more economic and political integration and strong action by the ECB. These elements need to work together.”
Gerry Cross said that Europe and the project remains “very much on a judge it by its results basis.” Post-2008 the single market is being tested by weak growth, high unemployment, scepticism and fragmentation. “European citizens are looking for results,” he said. “As an Irish citizen, and Ireland being part of the eurozone but historically tied to the UK, one sees the real value of a single market,” added Cross. “And working for an association that represents wholesale banks, we see it as being enormously valuable. It’s rich with potential.”
So how did he think the EU could achieve a more robust single market? He identified what he called the three As, “Assessment; we have over the past five years had necessary and beneficial regulation designed to deal with crisis problems, but we don’t know what we have achieved. Are the capital markets functioning or not functioning? What are the bottlenecks, which bits are working well? We need a long look at where we are.”
Next up is action. “Don’t let things grow cold, the challenge is to restore funding to an anaemic economy,” he said. And let’s have more ambition.
Access to finance still needs to be fixed, agreed Izza. “We need more diversity in sources of finance. If you look at the EU compared to the US, dependency on banks is almost total. But rather than focus on the difficulties, we should look at how we transcend that and fix the problem that we have.”
Banks are going to continue to be important sources of funding, suggested Cross, so let’s look at freeing up bank balance sheets. “Where can sources of finance be found? If we put together best practices around private placement, it’s simple, banal, but it could bring together segments of industry to work together more effectively.”
We need a culture of entrepreneurship in Europe in order to compete, concluded Zalba Bidegain, and one that’s not faced with obstacles.
As ICAEW chief executive Michael Izza told guests who had travelled from all over Europe, the EU is deeper and wider than perhaps anyone could have forseen in the early 1990s when ICAEW established a presence in Brussels. “The single market – the world’s largest – remains at the heart of this very different union. Many barriers have been removed, but obstacles and inefficiencies remain. ”
Sitting alongside Michael Izza to aid the discussion were panellists Gerry Cross, head of Brussels office at the Association for Financial Markets in Europe; Pierre Delsaux, deputy director for internal market and services at the European Commission; Catherine Stihler, MEP and Pablo Zalba Bidegain, MEP.
So what did they have to say in answer to the big question: how do we improve the single market? Izza identified the digital economy and banking as sectors that required a boost or restoration. He suggested more focus on green energy, plugging the skills gap, strong financial leadership to fix public finances and better tax systems.
“The EU will have to achieve more with less,” he added. And the impetus must come from national governments as well.
“There is not one magic solution,” agreed Pierre Delsaux, but in order to improve “access to markets, finance and the world” the EU does have to work better together, he said. And that doesn’t mean by adding new regulation, “There is regulatory fatigue, current legislation needs to be better enforced and implemented.”
He added, “We need more industry in Europe. Those countries that have good industry have had a better resistance to crisis. But we also need more services – good accountants help industry to grow. We need to try and build a common narrative between both.”
He agreed with Izza that developing ecommerce to compete with the rest of the world, namely the US, Korea and China, is “fundamental”. The digital economy will drive economic growth and create jobs, added Catherine Stihler.
To consolidate economic recovery, the EU needs to improve productivity said Pablo Zalba Bidegain. If the single market is one of the EU’s main assets, it should be more competitive and ambitious. How can we reduce energy costs, he added. And how can we reduce dependency on banks to improve access to finance? “I’m aware of the importance of this mix: strengthening the single market requires reforms at national level, more economic and political integration and strong action by the ECB. These elements need to work together.”
Gerry Cross said that Europe and the project remains “very much on a judge it by its results basis.” Post-2008 the single market is being tested by weak growth, high unemployment, scepticism and fragmentation. “European citizens are looking for results,” he said. “As an Irish citizen, and Ireland being part of the eurozone but historically tied to the UK, one sees the real value of a single market,” added Cross. “And working for an association that represents wholesale banks, we see it as being enormously valuable. It’s rich with potential.”
So how did he think the EU could achieve a more robust single market? He identified what he called the three As, “Assessment; we have over the past five years had necessary and beneficial regulation designed to deal with crisis problems, but we don’t know what we have achieved. Are the capital markets functioning or not functioning? What are the bottlenecks, which bits are working well? We need a long look at where we are.”
Next up is action. “Don’t let things grow cold, the challenge is to restore funding to an anaemic economy,” he said. And let’s have more ambition.
Access to finance still needs to be fixed, agreed Izza. “We need more diversity in sources of finance. If you look at the EU compared to the US, dependency on banks is almost total. But rather than focus on the difficulties, we should look at how we transcend that and fix the problem that we have.”
Banks are going to continue to be important sources of funding, suggested Cross, so let’s look at freeing up bank balance sheets. “Where can sources of finance be found? If we put together best practices around private placement, it’s simple, banal, but it could bring together segments of industry to work together more effectively.”
We need a culture of entrepreneurship in Europe in order to compete, concluded Zalba Bidegain, and one that’s not faced with obstacles.
As
Lord Hill, who is seeking approval as EU Commissioner for Financial
Services, faced his second hearing with MEPs in Brussels this week to
convince the Commission of his suitability for the job, he did so at a
time when talk of recession is back on the agenda
Across many of the EU’s 28 member states, economic growth is
slow, unemployment is high, and confidence is low. There is also a
significant proportion of the EU population that is opposed to further
integration and sees the single market as a threat.
As Jonathan Faull, director general of Internal Market and Services at the European Commission writes in ICAEW’s new publication, Europe’s Future in Global Markets, despite the single market offering people great freedom; the choice of where to live, where to work, what to buy and where to buy it from, “this impressive project still suffers from lack of popularity.”
ICAEW has had a presence in Brussels for 20 years to engage with EU
institutions and stakeholders. So it was appropriate to mark this
anniversary not just with recognition of the work it does in Brussels
but also to host a debate on Europe’s future in the global market and in
particular, the future of the single market.
As ICAEW chief executive Michael Izza told guests who had travelled from all over Europe, the EU is deeper and wider than perhaps anyone could have forseen in the early 1990s when ICAEW established a presence in Brussels. “The single market – the world’s largest – remains at the heart of this very different union. Many barriers have been removed, but obstacles and inefficiencies remain. ”
Sitting alongside Michael Izza to aid the discussion were panellists Gerry Cross, head of Brussels office at the Association for Financial Markets in Europe; Pierre Delsaux, deputy director for internal market and services at the European Commission; Catherine Stihler, MEP and Pablo Zalba Bidegain, MEP.
So what did they have to say in answer to the big question: how do we improve the single market? Izza identified the digital economy and banking as sectors that required a boost or restoration. He suggested more focus on green energy, plugging the skills gap, strong financial leadership to fix public finances and better tax systems.
“The EU will have to achieve more with less,” he added. And the impetus must come from national governments as well.
“There is not one magic solution,” agreed Pierre Delsaux, but in order to improve “access to markets, finance and the world” the EU does have to work better together, he said. And that doesn’t mean by adding new regulation, “There is regulatory fatigue, current legislation needs to be better enforced and implemented.”
He added, “We need more industry in Europe. Those countries that have good industry have had a better resistance to crisis. But we also need more services – good accountants help industry to grow. We need to try and build a common narrative between both.”
He agreed with Izza that developing ecommerce to compete with the rest of the world, namely the US, Korea and China, is “fundamental”. The digital economy will drive economic growth and create jobs, added Catherine Stihler.
To consolidate economic recovery, the EU needs to improve productivity said Pablo Zalba Bidegain. If the single market is one of the EU’s main assets, it should be more competitive and ambitious. How can we reduce energy costs, he added. And how can we reduce dependency on banks to improve access to finance? “I’m aware of the importance of this mix: strengthening the single market requires reforms at national level, more economic and political integration and strong action by the ECB. These elements need to work together.”
Gerry Cross said that Europe and the project remains “very much on a judge it by its results basis.” Post-2008 the single market is being tested by weak growth, high unemployment, scepticism and fragmentation. “European citizens are looking for results,” he said. “As an Irish citizen, and Ireland being part of the eurozone but historically tied to the UK, one sees the real value of a single market,” added Cross. “And working for an association that represents wholesale banks, we see it as being enormously valuable. It’s rich with potential.”
So how did he think the EU could achieve a more robust single market? He identified what he called the three As, “Assessment; we have over the past five years had necessary and beneficial regulation designed to deal with crisis problems, but we don’t know what we have achieved. Are the capital markets functioning or not functioning? What are the bottlenecks, which bits are working well? We need a long look at where we are.”
Next up is action. “Don’t let things grow cold, the challenge is to restore funding to an anaemic economy,” he said. And let’s have more ambition.
Access to finance still needs to be fixed, agreed Izza. “We need more diversity in sources of finance. If you look at the EU compared to the US, dependency on banks is almost total. But rather than focus on the difficulties, we should look at how we transcend that and fix the problem that we have.”
Banks are going to continue to be important sources of funding, suggested Cross, so let’s look at freeing up bank balance sheets. “Where can sources of finance be found? If we put together best practices around private placement, it’s simple, banal, but it could bring together segments of industry to work together more effectively.”
We need a culture of entrepreneurship in Europe in order to compete, concluded Zalba Bidegain, and one that’s not faced with obstacles.
- See more at: http://economia.icaew.com/news/october-2014/eu-must-do-more-with-less#sthash.PBZgM3oI.dpufAs Jonathan Faull, director general of Internal Market and Services at the European Commission writes in ICAEW’s new publication, Europe’s Future in Global Markets, despite the single market offering people great freedom; the choice of where to live, where to work, what to buy and where to buy it from, “this impressive project still suffers from lack of popularity.”
There is regulatory fatigue, current legislation needs to be better enforced and implementedPierre Delsaux
As ICAEW chief executive Michael Izza told guests who had travelled from all over Europe, the EU is deeper and wider than perhaps anyone could have forseen in the early 1990s when ICAEW established a presence in Brussels. “The single market – the world’s largest – remains at the heart of this very different union. Many barriers have been removed, but obstacles and inefficiencies remain. ”
Sitting alongside Michael Izza to aid the discussion were panellists Gerry Cross, head of Brussels office at the Association for Financial Markets in Europe; Pierre Delsaux, deputy director for internal market and services at the European Commission; Catherine Stihler, MEP and Pablo Zalba Bidegain, MEP.
So what did they have to say in answer to the big question: how do we improve the single market? Izza identified the digital economy and banking as sectors that required a boost or restoration. He suggested more focus on green energy, plugging the skills gap, strong financial leadership to fix public finances and better tax systems.
“The EU will have to achieve more with less,” he added. And the impetus must come from national governments as well.
“There is not one magic solution,” agreed Pierre Delsaux, but in order to improve “access to markets, finance and the world” the EU does have to work better together, he said. And that doesn’t mean by adding new regulation, “There is regulatory fatigue, current legislation needs to be better enforced and implemented.”
He added, “We need more industry in Europe. Those countries that have good industry have had a better resistance to crisis. But we also need more services – good accountants help industry to grow. We need to try and build a common narrative between both.”
He agreed with Izza that developing ecommerce to compete with the rest of the world, namely the US, Korea and China, is “fundamental”. The digital economy will drive economic growth and create jobs, added Catherine Stihler.
To consolidate economic recovery, the EU needs to improve productivity said Pablo Zalba Bidegain. If the single market is one of the EU’s main assets, it should be more competitive and ambitious. How can we reduce energy costs, he added. And how can we reduce dependency on banks to improve access to finance? “I’m aware of the importance of this mix: strengthening the single market requires reforms at national level, more economic and political integration and strong action by the ECB. These elements need to work together.”
Gerry Cross said that Europe and the project remains “very much on a judge it by its results basis.” Post-2008 the single market is being tested by weak growth, high unemployment, scepticism and fragmentation. “European citizens are looking for results,” he said. “As an Irish citizen, and Ireland being part of the eurozone but historically tied to the UK, one sees the real value of a single market,” added Cross. “And working for an association that represents wholesale banks, we see it as being enormously valuable. It’s rich with potential.”
So how did he think the EU could achieve a more robust single market? He identified what he called the three As, “Assessment; we have over the past five years had necessary and beneficial regulation designed to deal with crisis problems, but we don’t know what we have achieved. Are the capital markets functioning or not functioning? What are the bottlenecks, which bits are working well? We need a long look at where we are.”
Next up is action. “Don’t let things grow cold, the challenge is to restore funding to an anaemic economy,” he said. And let’s have more ambition.
Access to finance still needs to be fixed, agreed Izza. “We need more diversity in sources of finance. If you look at the EU compared to the US, dependency on banks is almost total. But rather than focus on the difficulties, we should look at how we transcend that and fix the problem that we have.”
Banks are going to continue to be important sources of funding, suggested Cross, so let’s look at freeing up bank balance sheets. “Where can sources of finance be found? If we put together best practices around private placement, it’s simple, banal, but it could bring together segments of industry to work together more effectively.”
We need a culture of entrepreneurship in Europe in order to compete, concluded Zalba Bidegain, and one that’s not faced with obstacles.
As
Lord Hill, who is seeking approval as EU Commissioner for Financial
Services, faced his second hearing with MEPs in Brussels this week to
convince the Commission of his suitability for the job, he did so at a
time when talk of recession is back on the agenda
Across many of the EU’s 28 member states, economic growth is
slow, unemployment is high, and confidence is low. There is also a
significant proportion of the EU population that is opposed to further
integration and sees the single market as a threat.
As Jonathan Faull, director general of Internal Market and Services at the European Commission writes in ICAEW’s new publication, Europe’s Future in Global Markets, despite the single market offering people great freedom; the choice of where to live, where to work, what to buy and where to buy it from, “this impressive project still suffers from lack of popularity.”
ICAEW has had a presence in Brussels for 20 years to engage with EU
institutions and stakeholders. So it was appropriate to mark this
anniversary not just with recognition of the work it does in Brussels
but also to host a debate on Europe’s future in the global market and in
particular, the future of the single market.
As ICAEW chief executive Michael Izza told guests who had travelled from all over Europe, the EU is deeper and wider than perhaps anyone could have forseen in the early 1990s when ICAEW established a presence in Brussels. “The single market – the world’s largest – remains at the heart of this very different union. Many barriers have been removed, but obstacles and inefficiencies remain. ”
Sitting alongside Michael Izza to aid the discussion were panellists Gerry Cross, head of Brussels office at the Association for Financial Markets in Europe; Pierre Delsaux, deputy director for internal market and services at the European Commission; Catherine Stihler, MEP and Pablo Zalba Bidegain, MEP.
So what did they have to say in answer to the big question: how do we improve the single market? Izza identified the digital economy and banking as sectors that required a boost or restoration. He suggested more focus on green energy, plugging the skills gap, strong financial leadership to fix public finances and better tax systems.
“The EU will have to achieve more with less,” he added. And the impetus must come from national governments as well.
“There is not one magic solution,” agreed Pierre Delsaux, but in order to improve “access to markets, finance and the world” the EU does have to work better together, he said. And that doesn’t mean by adding new regulation, “There is regulatory fatigue, current legislation needs to be better enforced and implemented.”
He added, “We need more industry in Europe. Those countries that have good industry have had a better resistance to crisis. But we also need more services – good accountants help industry to grow. We need to try and build a common narrative between both.”
He agreed with Izza that developing ecommerce to compete with the rest of the world, namely the US, Korea and China, is “fundamental”. The digital economy will drive economic growth and create jobs, added Catherine Stihler.
To consolidate economic recovery, the EU needs to improve productivity said Pablo Zalba Bidegain. If the single market is one of the EU’s main assets, it should be more competitive and ambitious. How can we reduce energy costs, he added. And how can we reduce dependency on banks to improve access to finance? “I’m aware of the importance of this mix: strengthening the single market requires reforms at national level, more economic and political integration and strong action by the ECB. These elements need to work together.”
Gerry Cross said that Europe and the project remains “very much on a judge it by its results basis.” Post-2008 the single market is being tested by weak growth, high unemployment, scepticism and fragmentation. “European citizens are looking for results,” he said. “As an Irish citizen, and Ireland being part of the eurozone but historically tied to the UK, one sees the real value of a single market,” added Cross. “And working for an association that represents wholesale banks, we see it as being enormously valuable. It’s rich with potential.”
So how did he think the EU could achieve a more robust single market? He identified what he called the three As, “Assessment; we have over the past five years had necessary and beneficial regulation designed to deal with crisis problems, but we don’t know what we have achieved. Are the capital markets functioning or not functioning? What are the bottlenecks, which bits are working well? We need a long look at where we are.”
Next up is action. “Don’t let things grow cold, the challenge is to restore funding to an anaemic economy,” he said. And let’s have more ambition.
Access to finance still needs to be fixed, agreed Izza. “We need more diversity in sources of finance. If you look at the EU compared to the US, dependency on banks is almost total. But rather than focus on the difficulties, we should look at how we transcend that and fix the problem that we have.”
Banks are going to continue to be important sources of funding, suggested Cross, so let’s look at freeing up bank balance sheets. “Where can sources of finance be found? If we put together best practices around private placement, it’s simple, banal, but it could bring together segments of industry to work together more effectively.”
We need a culture of entrepreneurship in Europe in order to compete, concluded Zalba Bidegain, and one that’s not faced with obstacles.
- See more at: http://economia.icaew.com/news/october-2014/eu-must-do-more-with-less#sthash.PBZgM3oI.dpufAs Jonathan Faull, director general of Internal Market and Services at the European Commission writes in ICAEW’s new publication, Europe’s Future in Global Markets, despite the single market offering people great freedom; the choice of where to live, where to work, what to buy and where to buy it from, “this impressive project still suffers from lack of popularity.”
There is regulatory fatigue, current legislation needs to be better enforced and implementedPierre Delsaux
As ICAEW chief executive Michael Izza told guests who had travelled from all over Europe, the EU is deeper and wider than perhaps anyone could have forseen in the early 1990s when ICAEW established a presence in Brussels. “The single market – the world’s largest – remains at the heart of this very different union. Many barriers have been removed, but obstacles and inefficiencies remain. ”
Sitting alongside Michael Izza to aid the discussion were panellists Gerry Cross, head of Brussels office at the Association for Financial Markets in Europe; Pierre Delsaux, deputy director for internal market and services at the European Commission; Catherine Stihler, MEP and Pablo Zalba Bidegain, MEP.
So what did they have to say in answer to the big question: how do we improve the single market? Izza identified the digital economy and banking as sectors that required a boost or restoration. He suggested more focus on green energy, plugging the skills gap, strong financial leadership to fix public finances and better tax systems.
“The EU will have to achieve more with less,” he added. And the impetus must come from national governments as well.
“There is not one magic solution,” agreed Pierre Delsaux, but in order to improve “access to markets, finance and the world” the EU does have to work better together, he said. And that doesn’t mean by adding new regulation, “There is regulatory fatigue, current legislation needs to be better enforced and implemented.”
He added, “We need more industry in Europe. Those countries that have good industry have had a better resistance to crisis. But we also need more services – good accountants help industry to grow. We need to try and build a common narrative between both.”
He agreed with Izza that developing ecommerce to compete with the rest of the world, namely the US, Korea and China, is “fundamental”. The digital economy will drive economic growth and create jobs, added Catherine Stihler.
To consolidate economic recovery, the EU needs to improve productivity said Pablo Zalba Bidegain. If the single market is one of the EU’s main assets, it should be more competitive and ambitious. How can we reduce energy costs, he added. And how can we reduce dependency on banks to improve access to finance? “I’m aware of the importance of this mix: strengthening the single market requires reforms at national level, more economic and political integration and strong action by the ECB. These elements need to work together.”
Gerry Cross said that Europe and the project remains “very much on a judge it by its results basis.” Post-2008 the single market is being tested by weak growth, high unemployment, scepticism and fragmentation. “European citizens are looking for results,” he said. “As an Irish citizen, and Ireland being part of the eurozone but historically tied to the UK, one sees the real value of a single market,” added Cross. “And working for an association that represents wholesale banks, we see it as being enormously valuable. It’s rich with potential.”
So how did he think the EU could achieve a more robust single market? He identified what he called the three As, “Assessment; we have over the past five years had necessary and beneficial regulation designed to deal with crisis problems, but we don’t know what we have achieved. Are the capital markets functioning or not functioning? What are the bottlenecks, which bits are working well? We need a long look at where we are.”
Next up is action. “Don’t let things grow cold, the challenge is to restore funding to an anaemic economy,” he said. And let’s have more ambition.
Access to finance still needs to be fixed, agreed Izza. “We need more diversity in sources of finance. If you look at the EU compared to the US, dependency on banks is almost total. But rather than focus on the difficulties, we should look at how we transcend that and fix the problem that we have.”
Banks are going to continue to be important sources of funding, suggested Cross, so let’s look at freeing up bank balance sheets. “Where can sources of finance be found? If we put together best practices around private placement, it’s simple, banal, but it could bring together segments of industry to work together more effectively.”
We need a culture of entrepreneurship in Europe in order to compete, concluded Zalba Bidegain, and one that’s not faced with obstacles.
As
Lord Hill, who is seeking approval as EU Commissioner for Financial
Services, faced his second hearing with MEPs in Brussels this week to
convince the Commission of his suitability for the job, he did so at a
time when talk of recession is back on the agenda
Across many of the EU’s 28 member states, economic growth is
slow, unemployment is high, and confidence is low. There is also a
significant proportion of the EU population that is opposed to further
integration and sees the single market as a threat.
As Jonathan Faull, director general of Internal Market and Services at the European Commission writes in ICAEW’s new publication, Europe’s Future in Global Markets, despite the single market offering people great freedom; the choice of where to live, where to work, what to buy and where to buy it from, “this impressive project still suffers from lack of popularity.”
ICAEW has had a presence in Brussels for 20 years to engage with EU
institutions and stakeholders. So it was appropriate to mark this
anniversary not just with recognition of the work it does in Brussels
but also to host a debate on Europe’s future in the global market and in
particular, the future of the single market.
As ICAEW chief executive Michael Izza told guests who had travelled from all over Europe, the EU is deeper and wider than perhaps anyone could have forseen in the early 1990s when ICAEW established a presence in Brussels. “The single market – the world’s largest – remains at the heart of this very different union. Many barriers have been removed, but obstacles and inefficiencies remain. ”
Sitting alongside Michael Izza to aid the discussion were panellists Gerry Cross, head of Brussels office at the Association for Financial Markets in Europe; Pierre Delsaux, deputy director for internal market and services at the European Commission; Catherine Stihler, MEP and Pablo Zalba Bidegain, MEP.
So what did they have to say in answer to the big question: how do we improve the single market? Izza identified the digital economy and banking as sectors that required a boost or restoration. He suggested more focus on green energy, plugging the skills gap, strong financial leadership to fix public finances and better tax systems.
“The EU will have to achieve more with less,” he added. And the impetus must come from national governments as well.
“There is not one magic solution,” agreed Pierre Delsaux, but in order to improve “access to markets, finance and the world” the EU does have to work better together, he said. And that doesn’t mean by adding new regulation, “There is regulatory fatigue, current legislation needs to be better enforced and implemented.”
He added, “We need more industry in Europe. Those countries that have good industry have had a better resistance to crisis. But we also need more services – good accountants help industry to grow. We need to try and build a common narrative between both.”
He agreed with Izza that developing ecommerce to compete with the rest of the world, namely the US, Korea and China, is “fundamental”. The digital economy will drive economic growth and create jobs, added Catherine Stihler.
To consolidate economic recovery, the EU needs to improve productivity said Pablo Zalba Bidegain. If the single market is one of the EU’s main assets, it should be more competitive and ambitious. How can we reduce energy costs, he added. And how can we reduce dependency on banks to improve access to finance? “I’m aware of the importance of this mix: strengthening the single market requires reforms at national level, more economic and political integration and strong action by the ECB. These elements need to work together.”
Gerry Cross said that Europe and the project remains “very much on a judge it by its results basis.” Post-2008 the single market is being tested by weak growth, high unemployment, scepticism and fragmentation. “European citizens are looking for results,” he said. “As an Irish citizen, and Ireland being part of the eurozone but historically tied to the UK, one sees the real value of a single market,” added Cross. “And working for an association that represents wholesale banks, we see it as being enormously valuable. It’s rich with potential.”
So how did he think the EU could achieve a more robust single market? He identified what he called the three As, “Assessment; we have over the past five years had necessary and beneficial regulation designed to deal with crisis problems, but we don’t know what we have achieved. Are the capital markets functioning or not functioning? What are the bottlenecks, which bits are working well? We need a long look at where we are.”
Next up is action. “Don’t let things grow cold, the challenge is to restore funding to an anaemic economy,” he said. And let’s have more ambition.
Access to finance still needs to be fixed, agreed Izza. “We need more diversity in sources of finance. If you look at the EU compared to the US, dependency on banks is almost total. But rather than focus on the difficulties, we should look at how we transcend that and fix the problem that we have.”
Banks are going to continue to be important sources of funding, suggested Cross, so let’s look at freeing up bank balance sheets. “Where can sources of finance be found? If we put together best practices around private placement, it’s simple, banal, but it could bring together segments of industry to work together more effectively.”
We need a culture of entrepreneurship in Europe in order to compete, concluded Zalba Bidegain, and one that’s not faced with obstacles.
- See more at: http://economia.icaew.com/news/october-2014/eu-must-do-more-with-less#sthash.PBZgM3oI.dpufAs Jonathan Faull, director general of Internal Market and Services at the European Commission writes in ICAEW’s new publication, Europe’s Future in Global Markets, despite the single market offering people great freedom; the choice of where to live, where to work, what to buy and where to buy it from, “this impressive project still suffers from lack of popularity.”
There is regulatory fatigue, current legislation needs to be better enforced and implementedPierre Delsaux
As ICAEW chief executive Michael Izza told guests who had travelled from all over Europe, the EU is deeper and wider than perhaps anyone could have forseen in the early 1990s when ICAEW established a presence in Brussels. “The single market – the world’s largest – remains at the heart of this very different union. Many barriers have been removed, but obstacles and inefficiencies remain. ”
Sitting alongside Michael Izza to aid the discussion were panellists Gerry Cross, head of Brussels office at the Association for Financial Markets in Europe; Pierre Delsaux, deputy director for internal market and services at the European Commission; Catherine Stihler, MEP and Pablo Zalba Bidegain, MEP.
So what did they have to say in answer to the big question: how do we improve the single market? Izza identified the digital economy and banking as sectors that required a boost or restoration. He suggested more focus on green energy, plugging the skills gap, strong financial leadership to fix public finances and better tax systems.
“The EU will have to achieve more with less,” he added. And the impetus must come from national governments as well.
“There is not one magic solution,” agreed Pierre Delsaux, but in order to improve “access to markets, finance and the world” the EU does have to work better together, he said. And that doesn’t mean by adding new regulation, “There is regulatory fatigue, current legislation needs to be better enforced and implemented.”
He added, “We need more industry in Europe. Those countries that have good industry have had a better resistance to crisis. But we also need more services – good accountants help industry to grow. We need to try and build a common narrative between both.”
He agreed with Izza that developing ecommerce to compete with the rest of the world, namely the US, Korea and China, is “fundamental”. The digital economy will drive economic growth and create jobs, added Catherine Stihler.
To consolidate economic recovery, the EU needs to improve productivity said Pablo Zalba Bidegain. If the single market is one of the EU’s main assets, it should be more competitive and ambitious. How can we reduce energy costs, he added. And how can we reduce dependency on banks to improve access to finance? “I’m aware of the importance of this mix: strengthening the single market requires reforms at national level, more economic and political integration and strong action by the ECB. These elements need to work together.”
Gerry Cross said that Europe and the project remains “very much on a judge it by its results basis.” Post-2008 the single market is being tested by weak growth, high unemployment, scepticism and fragmentation. “European citizens are looking for results,” he said. “As an Irish citizen, and Ireland being part of the eurozone but historically tied to the UK, one sees the real value of a single market,” added Cross. “And working for an association that represents wholesale banks, we see it as being enormously valuable. It’s rich with potential.”
So how did he think the EU could achieve a more robust single market? He identified what he called the three As, “Assessment; we have over the past five years had necessary and beneficial regulation designed to deal with crisis problems, but we don’t know what we have achieved. Are the capital markets functioning or not functioning? What are the bottlenecks, which bits are working well? We need a long look at where we are.”
Next up is action. “Don’t let things grow cold, the challenge is to restore funding to an anaemic economy,” he said. And let’s have more ambition.
Access to finance still needs to be fixed, agreed Izza. “We need more diversity in sources of finance. If you look at the EU compared to the US, dependency on banks is almost total. But rather than focus on the difficulties, we should look at how we transcend that and fix the problem that we have.”
Banks are going to continue to be important sources of funding, suggested Cross, so let’s look at freeing up bank balance sheets. “Where can sources of finance be found? If we put together best practices around private placement, it’s simple, banal, but it could bring together segments of industry to work together more effectively.”
We need a culture of entrepreneurship in Europe in order to compete, concluded Zalba Bidegain, and one that’s not faced with obstacles.
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