Banking sector integral to EU’s competitiveness plan
9 September, Brussels, 2024: The European Banking Federation (EBF) strongly supports the call to boost Europe’s competitiveness outlined in the report by Mario Draghi, Special Advisor to President Ursula von der Leyen, titled “EU competitiveness: Looking ahead” presented today. The report puts forward strategic recommendations on how to make EU’s economy more competitive. A healthy and resilient European banking sector is crucial in order to achieve a globally competitive EU.
Strengthening Europe’s competitiveness is shaping up to be the defining issue for the new EU legislative cycle. Doing so is urgently needed as Europe faces major challenges, including demographics changes, ushering in the digital and sustainable transformations and bolstering defense. A robust, competitive European banking sector will play a vital role in building a more competitive, thriving Europe for its citizens.
To achieve this, we need a regulatory mindset shift, moving from complexity, fragmentation and risk aversion, to fueling economic development and increasing productivity. One promising approach the EBF strongly supports is Mr. Draghi’s proposal to revive the securitisation market by adjusting the current regulatory framework, as well as further exploring the opportunity and feasibility of a securitisation platform.
The European Banking Federation is looking forward to working together with the new European Commission towards the shared goal of increasing Europe’s competitiveness.
Wim Mijs, CEO of EBF said: “The future of Europe’s competitiveness hinges on a healthy banking sector. Europe needs a more liquid and deeper integrated Capital Markets Union, but also a regulatory shift to foster economic growth and massive investment. To support a strong economy, we need an internationally competitive banking system within the EU, as well as an assessment of the banking regulatory framework. I commend the strong supporting signals of European political leaders and thought leaders like Mario Draghi.”
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Media inquiries:
Gabriel Daia
Head of Communications and Public Affairs, g.daia@ebf.eu, +32 483 50 98 86
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About the EBF
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
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