The Federation of Finnish Financial Services has 13 position statements for the upcoming EU term 2014–2019.
In our opinion there is a major risk of overregulation in the EU. It suppresses financial activity and hinders economic growth. Public finances are in crisis in too many member states, decision-making falters, and commitments are not fulfilled.
The European banking union holds the risk of excessive joint liability. Dividing the liabilities of individual failing banks among well-performing banks or even national economies is not in Finland’s best interests. Europe-wide joint liability cannot be genuinely discussed until everyone plays by the same rules.
EU-level regulation has an important role in stabilising the European financial market and developing the internal market. The upcoming EU parliament elections are therefore important to the financial industry and to Finland itself. The Finnish financial industry wants to help build a fair and just European Union.