Breaking Down Barriers: EU Financial Services Fragmentation

EU Commissioner Maria Luis Albuquerque highlighted the impact of fragmented European Union financial services markets, equating it to a 110% tariff. She emphasized the importance of completing the banking union and deepening the capital market union to mitigate these challenges.

In a speech delivered in Lisbon, EU Commissioner for Financial Services Maria Luis Albuquerque drew attention to the significant impact of market fragmentation across the European Union's financial services sector, likening it to a 110% tariff.

Albuquerque stressed that the persistent division within these markets imposes considerable costs on the industry. To address these challenges, she advocated for the completion of the banking union, a crucial step for facilitating better financial integration.

Additionally, the commissioner underscored the need to deepen the capital market union to ensure that financial markets across Europe can operate more seamlessly and efficiently, ultimately benefiting the broader European economy.

(With inputs from agencies.)