In The Press
BNE Chairman in the FT - Focus on banking union not a British veto
18 October 2012
Letter from Roland Rudd, BNE Chairman, published in the Financial Times, 18th October 2012:
Sir, Wielding a veto over a European banking union would be hugely damaging to the eurozone, and bad for the UK and global economy. The UK’s priority at the European Council this week should be to help the eurozone put in place the beginnings of a solid banking union, not block progress with calls for the UK to have a veto in the EU-wide European Banking Authority.
We need to do all we can to help the eurozone fix its problems while ensuring that everything is done to protect the single market. Making it harder for the eurozone to vote as a block in the EBA, as the European Commission has proposed, is a good start but the UK should push for better protection of the single market and the EU’s largest financial centres. The European Court of Justice is also bound to strike down measures that could undermine the single market. The UK should robustly pursue any such breaches.
Theodore Roosevelt said: “Speak softly and carry a big stick.” The UK, like every other member of the EU, goes into today’s EU summit with a veto. We should stop talking about it and focus on the substance.
Roland Rudd, Chairman, Business for New Europe