Valdis Dombrobskis has spoken on the challenges for EU financial services policy. He noted that the positivity of the European economic recovery is tempered by uneven progress across Member States, even before the “defining and challenging” moment of a Member State leaving the EU. He said Brexit had the potential to cause disruption of all Member States and that the Commission’s first priority would be to act to minimise the uncertainty for EU citizens and businesses. It will accelerate its capital markets union and develop its supervisory and regulatory framework to address new challenges. He noted the departure of the largest European financial centre from the Single Market adds to the urgency for CMU and the need for the remaining Member States to act together as one. He also spoke of international co-operation and the equivalence framework. He did not discuss this in respect of Brexit but noted equivalence is not a right for all third countries.
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