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Under the summit theme ‘Building a Positive Future for Europe,’ Mr Mustier said one of the roles of the EBF is to make sure that the place of banks in society is properly defined by working closely together with stakeholders representing employees, customers shareholders and businesses.
While reflecting on the current economic environment in Europe, amid low growth and negative interest rates, Mr Mustier invited the European Central Bank to review the role of banks in the transmission mechanism for monetary policy and to consider buying index-based bank debt as part of the ECB quantitative easing measures, in addition to the corporate and government debt currently in the ECB programme.
Mr Mustier said it was “of paramount importance” for the banking sector – through its work at EBF – to develop standards for an ethical use of data while ensuring a level playing field between banks and global, commercial data platforms. “We need to be extremely careful that when we welcome competition – which will keep us fit – the rules of the game are properly set, so that it is a fair competition and one that protects the client.”
The EBF President called for a comprehensive impact study of the collective effect of banking regulation on EU banks.
Mr Mustier urged authorities to reconsider the supervisory structure for banks that the EU has put into place over the last decade. Banks in Europe now are regulated by domestic regulators, the ECB, the Single Resolution Board and the European Banking Authority. “We should make sure that these regulators work together. That for the European ones they are under one coordinated supervision so that requirements don’t pile-up”
Addressing the completion of Banking Union, Mr Mustier called for a broader recognition of the need to create a truly European banking sector that will make it possible for banks to attract capital and fund the economy efficiently as European banks, as opposed to domestic, national banks.
With regard to the Capital Markets Union, Mr Mustier welcomed the ‘Markets for Europe’ initiative that was launched in Brussels. Markets for Europe is a private sector campaign initiated by EBF and supported by European corporates together with former government leaders and central bankers to encourage EU authorities to develop an effective use of market finance in Europe.