Speech: UK banks and the EU single market: What now?

Text of a speech by Michel Barnier, Member of the European Commission, responsible for Internal Market and Services speaking at the British Banking Association's Annual International Banking Conference in London, 17 October 2013.

Barnier stressed the important steps taken in tackling the economic and financial crisis and in reforming the banking and financial system. He also expressed his regrets that Britain had launched a legal challenge to the European Union's cap on bankers' bonuses.

He also addressed future steps that have to be taken with regard to banking reform and banking union and emphasised the importance of having the UK on board of such reforms.

According to EurActiv, the European Commissioner also said on the sidelines of the conference that he did not want to force equivalent retaliation to US plans of imposing extra capital requirements on foreign banks.

• Primary Source

ESO: Background information: Britain sues EU over banker bonus cap http://www.europeansources.info/record/britain-sues-eu-over-banker-bonus-cap/

EurActiv, 18.10.13: Barnier warns US of tit-for-tat action on banks http://www.euractiv.com/euro-finance/barnier-warns-us-tit-tat-action-news-531164

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