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Bowles slams “cry baby” financial industry

Thursday 30 September 2010 - by Andrew Hickley

An influential European parliamentarian has hit out at “cry baby” industry groups which demand regulatory proposals be slimmed down, yet fail to show evidence of how they might be damaged.

MEP Sharon Bowles, chair of the European Parliament’s economic and monetary affairs committee, expressed her frustrations at a Eurofi financial forum debate in Brussels yesterday.

"Speaking as a lawmaker, I'm seeing a bit too much protest,” she said, as she slammed claims that the proposed Basel III and Solvency II rules are too prescriptive.

"Basel III is here and it is not going away. Special pleading from industry - when it is not prepared to show its numbers to us - will be discounted. I'm far from happy that the EU is turning into the cry baby of Basel."

Bowles was replying to remarks from Credit Agrole chief executive Jean-Paul Chifflet, who opened up a panel debate on regulation and supervision in Europe with a discussion on Basel III and Solvency II.



Chifflet attacked Solvency II's countercyclical buffer as well as elements of its short-term liquidity ratio, arguing that changes to these requirements are needed "to preserve the diversity of Europe's financial services sector”.

Basel III is expected to be approved worldwide by G20 leaders in November, while negotiations are ongoing on Solvency II's introduction.


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