The EACT has submitted its response to the European Commission's consultation on the long-term financing of the European economy. The response underlines some essential elements of financial regulation that we feel the legislator should consider in all current and future actions and policies in order to make Europe a competitive and appealing place to both conduct and grow business. We argue that legislators should ensure there is coherence between different legislative acts and policy goals; and systematically take into account and assess the impact of any financial services legislative proposal on non-financial companies. Non-financial companies should not be deemed to be the same as financial companies when financial regulation is being developed. We also call on the legislator to recognise the need for balance between making the banking system stable through prudential requirements and lending to the economy.