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Commissioner Hill’s resignation cannot delay banking & financial reforms – Hayes

Commissioner Hill’s resignation cannot delay banking & financial reforms – Hayes

Juncker must now reassign Hill’s responsibilities

Member of the European Parliament’s Economic and Monetary Affairs Committee, Brian Hayes MEP, has called on EU Commission President Jean-Claude Juncker to reassign the Commissioner for Financial Stability, Financial Services and Capital Markets Union responsibilities to avoid delays to critical banking and financial reforms. The British Commissioner, who had responsibility for establishing a Capital Markets Union by 2019 and ensuring financial markets are properly regulated, resigned this morning (Saturday) following Friday’s referendum result.

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“As the executive body of the EU, the Commission proposed and implements EU law. It’s not acceptable to me that an area like financial services has no Commissioner driving reform. We cannot forget the 35,000 financial services jobs based in Dublin’s docklands.

“Commissioner Hill is someone I worked with closely and who had an intimate understanding of financial services from Dublin’s perspective. He also had a sensible view about how the real economy works, about how to get new forms of lending into the economy, and who was promoting the idea of a Capital Markets Union.

“We have to be realistic, Prime Minister Cameron now has no mandate to propose a new Commissioner and the European Parliament is unlikely to approve such an appointment. Financial services reform cannot be the latest casualty of the Brexit vote. Commission President Jean-Claude Juncker must reassign responsibility for financial services and Capital Markets Union among his college of Commissioners immediately.”

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