Governor Gabriel Makhlouf says Europe must move faster to complete Single Market

Central Bank of Ireland Governor Gabriel Makhlouf today (Thursday 17 September) spoke at the Eurofi Financial Forum held in Dublin, where he said Europe needs to move faster on the completion of the Single Market. Governor Makhlouf said: “We need to create One Single Market – in goods, services, and capital simultaneously – and we need to move faster than we are moving now.” He said that Europe is “not realising the potential of the European economy.” Governor Makhlouf said: “You cannot have a genuinely integrated capital market without integrated goods and services markets, because capital follows real economic activity. You cannot have genuine cross-border banking without cross-border corporates.  We need one Single Market – in all its components – and we need to move faster to realise it.” On ensuring the banking sector helps to deliver sustainable growth, rather than reducing resilience, Governor Makhlouf called for a focus on reducing fragmentation, completing the Banking Union and the removal of obstacles such as divergent insolvency and employment regimes and fragmented digital infrastructure. “These do more to constrain cross-border banking than capital require...