and the mission letters issued by European Commission President Ursula von der Leyen to Commissioners-Designate, outlining priorities for the European Union.
In this context, there is an urgent need for the new Commission to swiftly take office, also considering the European Parliament’s scrutiny exercise, and address pressing issues to ensure the EU banking sector continues to serve citizens and local economies effectively.
As outlined in all mission letters to Commissioner-Designates, the focus on implementing and simplifying EU rules and on promoting a comprehensive strategy in financial literacy aligns with ESBG’s focus on a more accessible, proportional, and inclusive financial sector.
In particular, he welcomes Commissioner-Designate Dombrovskis’ specific mission on implementation and simplification of EU legal framework. A more streamlined and simplified regulatory landscape will ease compliance, and help overcome reporting redundancies. This approach could also reduce undue costs for financial institutions while boosting local investment and lending to householders and SMEs. Proportionality must guide this process, ensuring that regulations reflect the size, risk profile, and business models of institutions like savings and retail banks.
Financial literacy, a key part of Commissioner-Designate Albuquerque’s mandate, is central to the successful implementation of the Savings and Investment Union (SIU). ESBG’s longstanding commitment to financial literacy initiatives – including World Savings Day established in 1924 – empowers individuals to make informed financial decisions, supporting broader economic stability and social progress. Financial inclusion must remain a cornerstone to enable retail investors to confidently participate in the European economy.
Savings and retail banks are the “sentinels” of Europe’s local economies, providing essential financial services to households and SMEs while supporting the green and digital transitions. Therefore the perspective of a European Savings and Investments Union should be carefully assessed, especially if simple and low-cost saving and investments products are put in place at EU level. This approach must complement, not compete with, traditional products and local services already provided by savings banks.
“We are committed to shaping a competitive European banking sector through pragmatic regulatory frameworks. In an era of rapid technological advancement and regulatory evolution, it is imperative that our banking policies uphold flexibility and efficacy,” stated WSBI-ESBG Managing Director Peter Simon. “Our banks aim to catalyze economic resilience, promote inclusivity, and cultivate a trust-based financial ecosystem capable of meeting the evolving needs of consumers and businesses.”...
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