07 September 2012

Luxembourg for Finance: EU financial centres break new ground

The role of a robust network of financial centres to leverage the necessary value of financial services to the economies of the EU was debated at the first conference of the European Financial Centres Roundtable.

The new grouping of leading financial centres in the EU welcomed Commissioner Michel Barnier’s comments at the conference, supporting the contribution financial services make to the wider economy.

In his keynote speech at the conference, held at the Representation to the EU of the Free State of Bavaria, Commissioner Michel Barnier said:

“European financial centres have a key role and must be able to rise to today's challenges for the European economy. We need to make sure that people regain confidence in the financial sector. And that the financial sector supports growth and investment." He continued: "My agenda is to put in place European rules in support of these goals of promoting growth and restoring financial stability".

The panel discussion was recognised as breaking new ground in linking EU policy and financial architecture with the real concerns of individual financial centres and their clients over the balance of predictability and risk in the challenges they face, and in ensuring the sustainability of their businesses.

The coordinator of the Roundtable, Pablo Rivera of Madrid Centro Financiero, said:

“The members of the Roundtable are fully committed to working together to develop an efficient EU financial services industry with global reach, in the interests of the real economy, and to leverage as a coherent strength the diversity embodied in our group.”

“The European Financial Centres Roundtable comes to light today with the idea of providing the maximum support to those interested in making the European Financial System a worldwide recognised brand, while working in serving financial services users, in rebuilding trust in our markets and, in finding responses to our big question of this conference today “How do financial centres contribute to the wider economy?".

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