The report, which is released annually under the title ‘The Importance of Wholesale Financial Services to the EU Economy 2009’ predicts a “medium-term revival, albeit in a subdued form”.
A press release accompanying the report said that financial services in Europe remained “crucial” in driving the regional economy towards recovery.
Stuart Fraser, Chairman of the Policy and Resources Committee of the City of London Corporation, says:
“The key to economic recovery in the European Union is co-operative action based on hard, realistic measures. The City is in Brussels doing this and is working with others, including the Government and Opposition parties, together with the Mayor of London, and governments and institutions throughout the EU – plus key financial stakeholders - in order to maintain a coherent basis for long-term growth.
Mr Fraser adds:
“Of course we need an improved, coordinated regulatory structure to protect against systemic risk in the financial services industry – but we also need to retain the ability to innovate – in a properly managed and transparent way.
“Getting this balance right is crucial - for the EU as a whole, and especially Germany, France, the Netherlands, Spain and the UK, where the financial sector is a major driver. Any proposed regulation also needs to be evaluated to avoid unintended and damaging consequences.”
See www.cityoflondon.gov.uk/researchpublications for a full copy of the report.
Source: City of London Corporation
