Regulation
EEA
The EEA – from "a waiting room" to a success story
30 Apr 2020
Summary of a speech held by Sabine Monauni, Liechtenstein’s ambassador to the EU, on the occasion of the 50 years anniversary of the Liechtenstein Bankers Asscociation and the Board Dinner of the European Banking Federation (EBF) in Liechtenstein.
On the occasion of the 50th anniversary of the LBA, Sabine Monauni, Ambassador of Liechtenstein to the EU, gave a remarkable and witty speech primary on the European Economic Area (EEA). Due the 25th anniversary of Liechtenstein's accession we publish the speech and summarise some of her key statements on the EEA and the role of the banking sector.
- Many considered the EEA only as a "waiting room" or a "training camp" for EU membership. I dare to say that the EEA would probably not have survived, did Liechtenstein not join the EEA in 1995. At least, it is hard to imagine that the complex institutional framework, with independent bodies like the EFTA Court and the EFTA Surveillance Authority, could have been maintained for Iceland and Norway alone. The relationship among the three quite heterogenous EEA EFTA States has evolved over the years in a friendly and respectful manner.
- Today, we can say that the Agreement functions well, despite the fact that the European Union has undergone radical changes throughout the last decades. The EEA Agreement has stayed robust and flexible enough to absorb these changes. We are continuously updating the Agreement to ensure a homogenous Internal Market and a level playing field for our economic operators. Over the last 25 years, more than 10’000 EU Acts have been incorporated into the Agreement and made part of our national legal order. The EEA EFTA States have proven to be trustworthy and constructive partners striving for pragmatic and practical solutions.
- The success of the EEA Agreement might be the reason why there is currently no appetite for EU membership in the EEA EFTA States. I guess this will not change in the near future.
- Today, the EEA enjoys great support in the business community, including the financial sector. It has led to be more open and diversified.
- Moreover, the EU passport for financial services has become a key factor for the success of Liechtenstein’s internationally operating financial centre.
- The avalanche of regulations and directives coming from Brussels is certainly on the flip side of EEA membership. This is a challenge not only for the public administration but also for the many small businesses in Liechtenstein. We count on the new EU Commission to apply a certain sense of proportion.
- I would like to thank the Liechtenstein Bankers Association for its positive contribution to Liechtenstein’s successful integration in Europe and its active role in Brussels. In spite of turning 50, the LBA shows no signs of fatigue. I would like to highlight particularly the ambition for a green and responsible banking sector, which is driving the Sustainability Agenda of Liechtenstein and ultimately contributes to a positive future of our country.