Looking at the EU's financial regulatory process, perhaps any regulatory process, is a bit like taking the Rorschach test: when asked what they see in the inkblot, everybody sees something different. Where one person sees openness and access, another sees pernicious influence. Where some see debate and deliberation, others see self interest and petty point scoring. What some call advocacy, others call lobbying.
How the EU's regulatory process works – and whether it delivers sound regulation – has never been a hotter topic. In the wake of the financial crisis, Europe’s financial regulatory frameworks are being almost wholly redefined. A huge raft of regulation is in process, and it is being done at speed: the EU has committed to the G-20 regulatory agenda and a 2012 end-date for implementation.
