Published on 18th May 2023

You will have seen that the EU and UK just announced a Memorandum of Understanding on regulatory matters to do with financial services:
https://ec.europa.eu/commission/presscorner/detail/en/mex_23_2805

The issues in my book – ‘The shadow liabilities of EU Member States, and the threat they pose to global financial stability’ – are regulatory issues in financial services.

In fact what is set up under the MoU should be a forum in which the UK can raise the egregious breaches by the EU of the regulations that should ensure the stability of the global financial system.

They are gone into in detail in the book but I have attached a high-level summary of them.

The EU should supply the copious missing information on their debts and contigent liabilities, and rectify the many flaws and breaches.

Will our UK officials use the forum for that purpose?

Are we holding our breath?