The Association for Financial Markets in Europe (AFME) has today welcomed the publication of the European Commission’s Consultation on Banking Competitiveness.
Adam Farkas, CEO of AFME, said: “AFME welcomes the European Commission’s consultation assessing the state of the EU banking sector, which will feed into a major report later this year on the sector’s competitiveness. The focus on global and European dimensions of competition, the identification of barriers to deeper integration and cross-border consolidation as well as the complexity of and interactions between various regulatory frameworks and authorities - is both timely and necessary.
“Among the important themes for discussion are cumulative regulatory complexity, national divergences and the efficiency of the capital framework, all of which will be important for evaluating how to make the single rulebook work better in practice. At the same time, the willingness from the Commission to gather evidence on how to move forward on the Banking Union is very positive, as is the examination of factors which drive or hinder competitiveness in the EU compared to other jurisdictions.
“We also welcome the attention to innovation, digitalisation and emerging risks, from Open Finance and AI to the role of digital currencies and geopolitical and climate-related challenges.
“AFME looks forward to providing evidence to, and engaging constructively with, the Commission through this comprehensive consultation to help ensure simplification delivers a more effective, competitive and resilient banking framework for Europe’s economy.”
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