“We need a clear step-by-step masterplan that helps key
financial sector businesses move from the United Kingdom to
the European Union. A mere ‘wait and see’ approach will not
do to bolster European financial markets. One of the key
strategic priorities in the years to come has to be
strengthening the Capital Markets Union and moving the
strategically important clearing business to the EU”, said
EPP Group Spokesman in the European Parliament's Economic and
Monetary Affairs Committee, Markus Ferber MEP, ahead of this
week’s presentation by the European Commission of a plan to
strengthen Europe’s economic and financial sovereignty.
The plan is also a move to curb reliance on the Dollar on
international markets.
“If the EU wants to play in the geopolitical Champions’
League, we need a financial system to match it. In light of
Brexit, having a robust and powerful financial infrastructure
is more important than ever. When it comes to the financing
of the European economy, we must not be completely dependent
on third countries”, Ferber stressed.
“A stable and attractive currency is key for the EU’s
financial and economic sovereignty. Fiscal prudence is a
prerequisite for a stable Euro. One of the key challenges
ahead will be to bring down the high debt levels incurred
during the pandemic to a more sustainable trajectory.
Therefore, the European Commission needs to establish clarity
about the fiscal path forward by laying out its plans for the
future of the Stability and Growth Pact and the deactivation
of the general escape clause”, Ferber concluded.
