This paper looks at how the financial services industry will be impacted by the regulatory agenda set by the incoming Commission President. Climate change, the digital society and capital markets union feature prominently, along with the perennials of financial stability and consumer protection.

The Commission agenda includes an emphasis on the EU's place on the international policy stage. How will the absence of the UK impact the EU's global positioning in regulatory debates? Will EU financial markets be open and international, or closed and domestic?

Greater use of the European Supervisory Authorities' (ESAs') enhanced supervisor convergence powers is already being signalled, with national regulators having a key role to play. How will these supervisory actions pan out and what impact will they have on authorised firms?

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