Commissioner Barnier Addresses Financial Services Meeting In Dublin

European Commissioner for Internal Market and Services Michel Barnier today spoke at an event hosted by Financial Services Ireland (FSI), the IBEC group that represents the broad financial services industry, at IBEC offices in Dublin.

Introducing the Commissioner, IBEC director general Danny McCoy said: "The budgetary adjustment set out by the Irish government provides a credible and realistic path towards achieving the 3 per cent deficit target by 2014. Irish and EU plans for recovery must, however, be as much about growth as austerity. Growth will come primarily from the enterprise sector and this is where attention needs to focus at both a national and EU level.

"The scale of Irish business and its capacity to drive the recovery is under-appreciated. Ireland has the potential for balanced and sustainable growth, based on a newly competitive foundation. We need to start emphasising this fact much more vocally to inspire the confidence needed to make it happen.

"Ireland has made huge progress in addressing the regulatory challenges that emerged during the crisis. The ongoing restructuring of the regulatory authorities will ensure Ireland has the capacity to effectively regulate the largest and most complex financial groups. This is an essential addition to the work being done to restore Ireland’s fiscal position."

Speaking at the event Fergus Murphy, chairman of Financial Services Ireland and managing director of EBS, said: “The enhancement of the European regulatory framework is essential to rebuilding an effective financial services industry, and this is a goal that is fully supported by the industry. A stable and resilient financial services sector will secure consumer confidence and enable the provision of services that are essential for economic recovery.

"Ireland plays a leading role in the provision of cross-border financial services in the EU and dialogue between Europe and both Irish firms and the national regulatory authorities is as important as ever to ensure that new regulation serves its intended purpose."