McCreevy defends EU retail proposals

In a speech in Dublin yesterday, McCreevy defended the Commission against the accusation that its plans "use a sledgehammer to crack a nut". He says people against the proposals argue the market for retail clients willing to go cross-border to purchase financial services is so small, the benefits of adapting to new regulations are far outweighed by the costs. McCreevy adds: “Let me be clear. We are not looking for a one-size-fits-all solution. We do not want to create artificially unified markets, or insist that firms have to offer cross-border business. What we do want is to create opt...