The International Regulatory Strategy Group welcomes the Commission’s opening of the debate on the role of financial services in providing funding to the wider economy and how this must change in the face of demographic, economic and regulatory changes, and agree that there is an important discussion to be had on this issue.
The academic literature has robustly established that financial development is not only the consequence of economic growth but also a driver. If the EU is to achieve the ambitious goals for unleashing private enterprise and creating jobs set out within the Europe 2020 agenda, then it cannot afford to overlook the role of the financial system in fostering innovation and growth.
You may also be interested in the following reports:IRSG's series of papers on the role of the Wholesale Financial Markets in providing financing Financing Europe's investment and economic growthFinance for jobs and growth in the EU
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