EU banks pay the price for lack of unity
BRUSSELS - EU financial institutions should work harder at integration to prevent unwanted legislation from Brussels, according to the new Report on Integration of European Financial Services Markets , published by the European Banking Federation (EBF).
"The price to pay for financial integration should not be the resurgence of burdensome regulatory practices or the overregulation of the financial sector," says the report. "The flood of regulations is judged by many players to be excessive and this trend is not sustainable, especially for small companies or small countries."
The EBF is encouraging its stakeholders to redouble their efforts, and to focus on improving the competitive environment to drive further integration. EBF also highlights
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