Simon Lewis, Chief Executive of the Association for Financial Markets in Europe, today issued the following comment on the report of European Commission’s High Level Expert Group on banking reform:
“We will study with interest the recommendations of the High‐Level Expert Group and we note Commissioner Barnier’s comment today that he will consider their impact on growth and the safety and integrity of financial services. European banking is already undergoing profound change as a result of regulatory reform and of shifts in market fundamentals. It is not at all clear that further structural reform would make the system safer or more efficient.
“AFME supports the regulatory reform programme and the authorities’ aim of restoring confidence in the European financial system. But we do not believe that further changes to the structure of the banking industry are necessary or will contribute to Europe’s economic growth.”