Europe's financial services industry yesterday gave broad support to the European Commission's new strategy for the sector, noting with particular relief that Brussels is ruling out the introduction of sweeping new laws for the banks, insurers and other financial companies.

"We welcome the fact that, for once, policymakers are not promising a bunch of new proposals. The Commission has recognised the need to have a legislative pause - especially in the securities field," Tanguy van de Werve of the European Banking Federation said.