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2013-11-08 | Beijing
On the 6th November, 2013, members of the European Chamber gained first-hand insight from Jonathan Faull, Director on Internal Market and Services, on current EU financial reform, which aims for a stronger and safer European and global financial sector. Director General Faull pointed out that the single market is the best asset that the EU has, however, in order to completely recover from the crisis more efforts are needed. He indicated a need for an international regulatory framework for financial cross-border transactions; in respect to this there have already been a series of initiatives through the G20, and the EU has decided to form a banking union.
He also referenced the economic and financial discussions that the European Commission has held with its Chinese counterparts. A key message that was passed to the Chinese regulators is that the European Commission expects that EU firms operating in China can play a role in the development of the Chinese financial sector.
