City warns EU over single financial market

The City of London has warned the European Union that its planned single financial market 'needs a high-profile political push' if it is to succeed. A discussion paper produced by international financial institutions under the leadership of Sir Nigel Wicks, a former senior UK Treasury official, and Dame Judith Mayhew, proposes eight 'fundamental principles and practices' to be 'formally enshrined in the most authoritative manner' in European Union laws to secure the single financial market's completion.