Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-07-10-Speech-2-068"
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"en.20070710.6.2-068"2
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"Madam President, the financial services action plan is a huge, complex body of regulation. In the vain attempt to harmonise financial products and to legislate risk away, the only effect will be to drive business out of the European Union. Even the City of London is now realising that the costs of compliance with the Markets in Financial Instruments Directive are likely to be far greater than any benefits from greater market access. And there are always unwanted side effects. The rapporteur complains that not enough is being done for the retail consumer of financial services. She says the basic needs for every citizen are access to a bank account, financial transfers at low cost and the possibility to save or borrow money. But the largest impediment to retail banking is the highly bureaucratic know-your-client procedures that banks must follow as a result of the EU’s own money-laundering regulations. In English, we would call this ‘shooting yourself in the foot’."@en1
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The resource appears as object in 2 triples