EACT Response to ECON Consultation on Coherence of Financial Services Regulation (June 2013)

The EACT has contributed to the European Parliament Economic and Monetary Affairs (ECON) Committee's public consultation on the coherence of financial services regulation. The response highlights some of the incoherencies faced in the implementation of EMIR and underlines that the introduction of a Financial Transaction Tax (FTT) would be inconsistent with the EU economic recovery agenda as its costs would be borne by the real economy instead of the financial sector. In addition, the EACT contribution calls upon the decision-makers to systematically take into account and assess the impact of any financial services legislative proposal on non-financial companies.