Worries about Wall Street's growing advantage, EU regulatory agencies are urged to "loosen up."

The European People's Party issued a statement, demanding that the EU banking and market regulatory authorities must take into consideration the declining competitiveness of the region while fulfilling their industry supervision duties. The European People's Party hopes to expand the powers of regulatory agencies, explicitly adding a competitiveness dimension to support a broader growth agenda for Europe. The party's demands reflect the growing concern in the market: the deregulation of the US banking sector has given Wall Street giants an advantage over their European competitors; the current focus of EU leaders is on simplifying rulebooks rather than reducing capital requirements.