Premier Cox Attends Meetings In Belgium
Premier and Minister of Finance Paula Cox is in Brussels, Belgium, where she delivered the message to key European decision-makers that Bermuda considers it “vital to actively engage with Europe and also to tell the Bermuda story.”
Premier Cox said: “It is important to put a political face to Bermuda while crucial decisions are being made. We can afford to leave nothing to chance.
“So the Government of Bermuda continues to work to support the continued efforts of the independent regulatory authority, the BMA and ABIR as private sector partners, in strengthening the relations with the EU, both at the Member State level as well as institutions.”
The Premier added: “It is crucial that the Government is visible in its support of the BMA and industry as Bermuda continues to press for formal recognition in its efforts to achieve equivalence. Although the gravity of the economic and financial issues dominates the Brussels agenda, there was real willingness and openness to meeting with me.”
Bermuda’s European advisor in Brussels Mr. Alastair Sutton accompanied the Premier in the one on one meetings which were not limited to discussion concerning equivalence the Finance Ministry said, but were to underscore Bermuda’s commitment to closer strategic partnering with the European Commission policy-makers and regulators.
The Finance Ministry said the aim is to aid growth of Bermuda’s financial services sector and to share ideas as to how to enhance the relationship and means of fostering closer cooperation where there are opportunities to benefit Bermuda and Bermudians.
Premier Cox said: “I met with Ms. Emer Daly, Director for the Governance of the Single Market in the Directorate General for Internal Markets and Services. This meeting provided an opportunity to update Ms. Daly on the equivalence discussions.
“Given her wide remit it also afforded an opportunity to hear directly from her about the wider issues within Europe. She provided some information as to items in the offing and was keen for me to share some of our legislation for information purposes.”
The Premier also met with Mr. Theo Saramandis, the Head of the OCT Task Force in the Directorate General for Development. The framework for the EU relations with overseas territories is being revised and reforms are taking place.
Premier Cox said: “This presents an opportunity for Bermuda to consider how it wishes to engage and to assess the benefits for Bermudians. This was a very fruitful and productive exchange.”
There was also a meeting with UK Permanent Representatives to the EU. This was followed by a meeting with Ms. Paulina Dejmek, the member of Commissioner Barnier’s Cabinet, who is responsible for financial services in general and equivalence in particular.
Ms. Dejmek has spent time working on insurance issues, as well as in the Commission’s legal service. During the Swedish Presidency she worked in the Swedish Mission to the EU.
Premier Cox said: “Ms. Dejmek and I spoke frankly re the importance to Bermuda of the segmented approach relating to captive and insurance/reinsurance companies as a one size fits all approach cannot be the appropriate model. I also indicated that I should be happy to have follow-up discussions on an ongoing basis with her on Bermuda-related issues.”
The EU business can be summed up as falling generally into the following three areas, explained the Premier. Firstly, working to resolve the deficit crises in Greece and preventing contagion in other vulnerable Member States such as Spain and Portugal.
Secondly, implementing measures to strengthen economic and financial governance in the EU. Lastly, discussing normal business such as external trade, aid and cooperation, competition, environment and climate change, green issues and the Single Market.
Premier Cox said: “I then was able to attend a portion of the afternoon sessions of the ABIR Regulatory Forum. ABIR had arranged for two back to back panels of experts on regulatory issues which were inter-active and stimulating.”
European MEP Mr. Peter Skinner then delivered a speech which was followed by question and answer session and the Premier delivered remarks at an ABIR hosted dinner on Tuesday evening.
Keep on working Paula, we know that you care about Bermuda and you are doing what is best for our future!
Yes, it is vital to engage with the EU nomenclature if you want that EU sinecure down the line. By the way, the food in Brussels is exceptional too – French cuisine, German portions.
In the meantime, Euro? What Euro? Here today, gone demain..i