The single market and competitiveness - the challenges for the Juncker team. CHALLENGE EUROPE Issue 22 - Challenges and new beginnings: Priorities for the EU's new leadership, September 2014

The announcement of the new European Commission is encouraging for single market supporters, especially in terms of how internal co-ordination and cross functional working will be organised. It is particularly significant that the responsibility for the single market in both goods and services is to be combined under one Commissioner portfolio. There is much to be gained from a combined focus, especially on enforcing the existing rules. A unified Consumer focus is also much welcomed. The European Parliament's Internal Market and Consumer Protection Committee (IMCO), which I had the privilege to Chair over the last five years, was extremely critical of the fragmented approach to consumer policy and legislation adopted by the outgoing Commission. A strong consumer focus underpins a dynamic and well-functioning market place and encourages more competition.

Relaunching the European Retail Finance Market: Comments on the Commission's Green Paper. ECRI Commentary No. 20, 15 December 2015

The European Commission’s Green Paper on retail financial services, published on December 10th, provides valuable insights into the possible benefits of a single market, as well as the obstacles to its development and the possible remedies. While a greater diversity of products within countries could have a positive impact on both consumers and providers, it is also important to highlight that it could contribute to more effective macroeconomic policies at European level. The development of such a single market for Europe where consumers can confidently purchase more profitable financial products abroad necessitates the establishment of a European body along the lines of the US Consumer Financial Protection Bureau (CFPB), or at least the establishment of closer European supervisory cooperation and enforcement. A framework for the digitalisation of financial services should not only focus on mitigating specific types of risk, such as cyber insecurity, lack of privacy and financial exclusion, but it should also continue to maintain a “space of creation” for innovative financial firms.