“EU institutions, notably the Commission, the European Parliament, the Council of the European Union and the European Council, were placed under considerable strain by these events. Given the magnitude of the task they faced in responding to a once-in-a-generation crisis, we conclude that the institutions have all performed well.
Nonetheless, the sheer scale of the reforms means that the financial sector regulatory framework inevitably contains some weaknesses. In particular, the expected high standards of consultation and impact assessments were not always maintained. Yet this should not detract from the significant achievement that the reformed framework represents.
One of the key planks of the new framework was the establishment of the new European Supervisory Agencies (ESAs). These bodies have endured a baptism of fire since their inception in 2011 and have been responsible for much good work. Yet they are hampered by several fundamental weaknesses, including a lack of authority, insufficient independence, marginal influence over the shape of primary legislation, insufficient flexibility in the correction of legislative errors, and inadequate funding and resources. The powers and authority of these agencies need to be enhanced.”
E já, agora, no mesmo texto, uma nota interessante:
“The UK has the largest financial sector in the EU, and the implications of these reforms for this country are therefore immense. We believe and regret that the UK’s influence over the EU financial services agenda continues to diminish. The UK Government and other UK authorities must take urgent steps to correct this, and to enhance the UK’s engagement with our European partners. This Committee will seek to play our own part in our liaison with the EU institutions. A united effort is needed to convey the message that the prosperity of the City of London, and the financial services industry it hosts, is in the interests not only of the UK but of the EU as a whole.”