15 JUL 2009

MEP Ford tells EU Swedish Presidency that unilateral EU action on the financial sector is disadvantageous

Release: immediate
Released by: Vicky Ford MEP
Contact: +44 (0)7771812976

The new Swedish Presidency of the European Union has been told that if they wish to prioritise the economy they must ensure that any legislation coming forward is clear and has been through proper scrutiny and consultation.

The call came today from Vicky Ford, Conservative Spokesperson for Financial and Monetary Affairs in Europe, in her maiden speech to the European Parliament. Mrs Ford added that the EU must work in tandem with others in seeking a way out of the current financial difficulties.

In a statement after her speech Mrs Ford said,

"While we must congratulate the Swedish Presidency for putting the economy at the top of their priority list, the challenge ahead is to ensure a proper recovery of the financial services sector.

"The Swedes have placed particular importance on the new supervisory framework as a way out of the current financial quagmire. It could well be but we must make sure that there is clarity on any legislation coming forward.

"Aspirational speeches are one thing but what we need as a matter of urgency from the Swedish Presidency is a workable and defined legislative timetable, the clear prioritisation of legislation and a proper consultation process.

"We must work in tandem with others. Unilateral EU action only risks European borrowers and investors being put at a competitive disadvantage and important employers relocating elsewhere."

Ends

For Further Information please contact Vicky Ford MEP
on +44 (0)7771812976

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