The President of the Eurogroup, Paschal Donohoe, sees no contradiction between properly regulated markets and economic growth.
“I do believe the consensus view of Finance ministers is the foundation of growth is financial sector stability. And I think we’ll be taking great care about any changes that might affect that”, he said in response to a question from Agence Europe inviting him to react to Mario Draghi’s recommendations on European competitiveness, for whom excessive financial regulation can slow down innovation (see EUROPE 13478/17).
However, Mr Donohoe did not deny that there were trade-offs between the level of regulation needed and the competitiveness of European financial markets.
He noted the work underway within the Eurogroup to remove the obstacles to deepening the capital markets union in the European Union (see EUROPE 13410/7). In particular, Member States have been invited to present, by November, national initiatives taken to facilitate the integration of capital markets in the EU. (Original version in French by Mathieu Bion)