Second Deputy Governor - Banque de France
Chief Economist - Swedish Financial Supervisory Authority
Executive Director - Austrian Financial Market Authority
Head of Financial Sector and Market Analysis - European Stability Mechanism (ESM)
Chief Executive Officer - Bank of America Europe
Objectives of the exchange of views
The session will first discuss the main features that should characterize the EU banking system to finance the needs of the EU economy, the reasons of the significant competitiveness gap between large EU banks and their American and Asian peers and the related consequences of such a gap. Then the panel will focus on the priorities to put in place to close this gap.
Points of discussion
- What should be the main European banking system features, in order to finance the various needs of European economies? e.g., degree of diversity of business models, level of profitability, openness of the European banking market to foreign banks…
- How can we explain the significant gap in competitiveness between the main European banks (GSIBs in particular) and their American and Asian competitors? Is that a problem? What are the consequences of the increasing market share of non-EU investment banks in the EU continent for the financing of the climate and digital transition and the EU economy and more generally for the strategic autonomy of Europe in the financial area?
- What operational and strategic drivers should banks put in place to close this gap? What should be the political priorities of the Member States and the European Union to speed up the creation of a genuine European single market?