In a speech on 6 September 2012 Michel Barnier, the European Commssioner for Internal Market and Services, announced that later in 2012 he will launch a “broad consultation” on “how to ensure” that European financial centres are fulfilling the following three roles “as efficiently and effectively as possible”:
“First, they need to provide a stable platform for institutional investors such as pension funds and insurers to match their long-term liabilities with long-term assets;
They should also offer safe and profitable vehicles for household savings;
Lastly, they need to support sustainable, green and socially-responsible economic growth.”
See also: Lord Myners sticks it to European Commissioner
Company and Financial Law 