Rethinking regulation: Europe gets tough

The financial crisis that dominated the later part of 2008 has given cause for the financial services industry, regulators and policymakers to rethink regulation. The extent of the crisis has weakened the industry’s bargaining position in fending off new legislation. In this extract, Charlie McCreevy, European Commissioner for Internal Market and Services, explains why the European Commission will not be silenced over its concerns about the financial services industry and why the industry can no longer expect to keep legislators at a distance.

There will not be much festive cheer this year with billions lost from share values in recent months, creating huge falls in the value of pension funds on which so many members of our society depend especially at this time of year.