MEP and chair of the economic and monetary affairs committee Sharon Bowles has called on the financial services sector to stop being negative about European regulation or risk being marginalised.
Speaking at a Centre Reform fringe meeting on financial regulation at the Liberal Democrat conference in Brighton this week, Bowles said the industry needs to stop opposing every regulation.
She said: “The industry needs to stop being negative about Europe. It seems like we do not want regulation and it plays very badly on the other side of the channel. They think we are saying we want to do our own thing when actually in reality the industry is much more sensible.
“The City is actually quite pro-Europe if you take the top level but it is perceived as very anti-EU. It is up to the sensible side to make the loudest noise in our newspapers.”
Bowles says the creation of a eurozone banking union represents a crucial moment for Britain’s membership of the EU, with many countries expecting Britain to leave.
She said: “European ministers from other countries are not taking any notice of the UK because they think it is on the way out.”