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EU financial sovereignty

 

EU financial sovereignty

Context

The legitimate aspirations amongst EU citizens, the political class and the industry for maintaining control and the ability to take autonomous decisions is confronted to the actual financial dependence at a global level. At the same time, one priority is to make EU financial markets, services and providers attractive internationally, which supposes to define a balanced and fair interdependence between the diverse regions in the global context.

Be that as it may, while the concept of EU sovereignty in increasingly used, its implicit definitions are inconsistent, and its implications and subsequent trade-offs still lack consensus.

The policy tools available to develop EU Financial Sovereignty, range from the improvement of the attractiveness of EU financial landscape, the necessary common efforts to develop EU specific infrastructures or reinforce EU players, and competition and trade policies. The EU private sector also have an important role to play as illustrated by the recent European Payments Initiative. Indeed, the convenience of the products supplied is essential to enable the EU citizens to reinforce EU sovereignty.

However, the increasing fragmentation at the global level and the development of the use of the bargain power between jurisdiction, should be clearly taken into account in the development of such policies.

Contributions to the policy debate

Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)