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John Bruton

The time horizon may be too long for sole reliance on market solutions - but perhaps the inventiveness of the financial services industry will prove me wrong that point!

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The E.U. has moved to combat global terrorism by instituting common European arrest and evidence warrants and creating a joint situation center to pool and analyze intelligence.

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We can demonstrate, by our own example, how E.U. freedoms, including the freedom of nationals of other E.U. countries to come and work here, has enabled us to expand our economy.

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But our system of regulation must keep up with this. If it fails to keep up, it will hold back economic expansion. We need financial market regulation that works at national and European level.

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Of course the EU and member states must work to ensure that people moving from one country to another understand their obligations and their rights in areas like health, road safety and further education.

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Financial service providers act as the lubricating oil in the economy. They link consumers who want to invest their savings for a good return with companies who want to borrow on best terms for expansion.

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The E.U. is more than just a trade organization or a common market; it is a guarantee of democracy, freedom, justice, and human rights. Nations cannot stay in the E.U. if they do not respect these guarantees.

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The EU and the U.S. often work together to develop international standards. This is the case in fighting terrorism and transnational crime, advancing trade liberalization, and combating piracy and intellectual property violations.

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