Stimulating the economy in the financial sector with regulatory easing

In its plenary vote, the European Parliament supported economic recovery by making financial sector regulation more flexible. In her speech, Fidesz MEP Enikő Győri pointed out: “As a consequence of the pandemic, we need to focus on the survival of companies in order to save millions of jobs. We must put the regulation of the financial sector at the service of recovery. The Capital Market Recovery package we are now discussing will serve this goal. I hope the left finally understands this”.

Enikő Győri emphasized: “We cannot stick to the rigid rules of the past. We need to reduce administrative burdens and make it easier for capital market investments to work. We also need to pay special attention to retail clients, who have less knowledge and therefore need special protection and more information when investing. A Capital Market Union would allow businesses to access fresh resources across borders. In this way, it would play a central role in economic recovery”.

The MEP also drew attention to the fact that Europe is lagging behind in terms of the competitiveness of the capital markets, the signs of which had already been perceptible in the global economy long before the virus appeared. “It is becoming increasingly difficult to ensure the competitiveness of European capital markets compared to the much larger and more efficient US or fast-growing Chinese ones. In addition, the EU has lost its most developed financial market due to Brexit. So there is plenty to do”, concluded the MEP.