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The European Commission (EC) should work towards creating international rules for financial regulation, says an economics expert.
According to Michael Baxter, economics analyst for Investment and Business News, it would be a mistake for the European Union to set individual rules for member states without applying them globally.
The former editor of investment and business at financial services group Defaqto pointed to Tobin tax – the suggested duty on all cross-border currency trade – as an example of the sort of ideas that could be rolled out internationally.
Mr Baxter was commenting on news the UK’s Treasury select committee has raised objections against EC plans to more closely scrutinise financial services in member nations.
The parliamentary body has issued a report outlining its concerns and highlighting how changes could affect the UK economy.
Under the proposals, new body the European System of Financial Supervisors would oversee dealings in individual countries.
In addition, European Supervisory Authorities would have the power to overrule national regulators for the banking, securities and insurance and occupational pensions sectors, expatriates working in finance may be interested to hear.
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