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FIGHTING FINANCIAL POLLUTION

September 20, 2008 11:08 AM
Originally published by South Central Region Liberal Democrats

The recent turmoil on the financial markets has shown just how interlinked our different countries' economies are.

Local Lib Dem MEP Sharon Bowles told FOCUS, "Just like environmental pollution, financial pollution doesn't stop at borders - we in the UK cannot act alone."

Sharon Bowles is one of the European Parliament's leading MEPs on finance and works hard to ensure a fair balance between consumer protection and avoiding excessive regulation.

Sharon was at the centre of Parliament's investigation into the demise of Equitable Life, identifying the UK's flawed process of implementing EU laws as the root cause of the mess.

Meanwhile she is leading the European Liberal Group on modernising EU insurance rules, so insurance companies match their capital to a better analysis of their risk. "The heart of this is keeping insurance affordable and policyholders safe", says Sharon.

And Sharon is working hard on the review of banking legislation that stipulates how much money a bank must hold to balance its risks.

Sharon said, "So far the EU has been at the forefront of international negotiations following the credit crunch - after all, it was a US problem that spread to us."