The Initiative Finanzstandort Deutschland (IFD) issued its first Financial Market Report, a comprehensive analysis of Germany as a financial centre that outlines its views for further financial market integration in Europe. 'Especially after the most recent setbacks on ratification of the European constitution, we feel it is essential to press ahead with the work on a single market for financial services', said Mr Ackermann, chairman of Deutsche Bank.
The IFD sees financial market integration in Europe as a source of considerable growth potential from which national economies in particular can benefit and believes that Germany can play a leading role in shaping the single financial market. The report shows that the German financial sector has made great progress in meeting the challenges of the past few years and is now back on a growth path.
Realization of the inherent potential holds out the prospect of a growth impetus in the region of € 100bn, or a good 4.5 % expansion in gross domestic product, by 2015.
The IFD was set up in May 2003 as an action group bringing together institutions from all sectors of the German banking industry, insurance companies, Deutsche Börse, the Bundesbank, the Federal Ministry of Finance and the central associations of the German financial sector. Its aim is to develop specific market-related measures and products that benefit clients and companies.
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