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Mr Bernardino says: “The threats that we face do not pay attention to borders. They are indiscriminate in their reach and they are too great to be tackled individually by people, single companies or even individual Member States. We must share our knowledge and pool our expertise to make the risk bearable and to make our response stronger.
“So I believe that a strong European approach is the right approach. And, working together, we can also lead the way globally.”
That’s why EIOPA welcomes last week’s adoption of the first global frameworks for supervision of internationally active insurance groups, including a holistic framework for the mitigation of systemic risk and an Insurance Capital Standard.
These developments represent a major step in ensuring an effective supervision of the insurance sector globally, providing a common language and minimising regulatory arbitrage. EIOPA will continue to play an active role in the implementation of these reforms.
Mr Bernardino concludes: “Because if we cannot work together and lead by example, how can we maintain the trust of our policyholders or pension scheme members and beneficiaries. And how can we expect to earn the trust of the next generation.
“So I call on all of us today to work together, to think about the legacy we wish to leave behind and to act with the European spirit in mind.
“Because I believe that our legacy should be a society that reflects the values upon which Europe is founded. An inclusive society, a prosperous society and a sustainable society. For this generation and the next.
“Ladies and gentlemen, to lead the future we need to be courageous enough to adjust our course. Like John Maxwell said: “The pessimist complains about the wind. The optimist expects it to change. The leader adjusts the sails”.”