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Overcoming the crisis and moving forward

Sunday 28 March 2010 - by Guido Ravoet

The European Banking Federation secretary general Guido Ravoet outlines nine principles he believes regulators and legislators should follow to ensure the vitality of banking in Europe

After nearly three years of despair over the spiralling financial crisis, many in the banking industry are now beginning to glimpse light at the end of the tunnel. But solutions to the crisis, and the prevention of its repetition, are by no means easy to define or implement.

The European Banking Federation, representing more than 5,000 banks across the industry, in 31 countries (27 EU member states and four European free trade area countries) has for some time anticipated an end to the crisis but remains very watchful of how the solutions devised by the various stakeholders may impact the financial services industry.

Despite the upheaval wreaked on the financial services industry by the crisis, the integration of European financial services remains one of the most important economic and political goals for the European Union and the industry.

With this in mind, the EBF has defined the key challenges to be met:

• Rebuilding trust and confidence in the financial services sector is key to the economy and must therefore be a priority.



• A European model of prudential supervision is needed, which will effectively allow cross-border banks in Europe to be supervised in a consolidated, consistent and coherent manner.

• Transparency in both retail and wholesale financial markets must be achieved.

• A level playing field must be ensured among all financial institutions, non-banks too, and at a global level.

• Financial reporting needs to be harmonised by applying International Financial Reporting Standards at statutory level in the EU as well as at international level.

• Retail banking markets have to be further integrated, to allow more economies of scale and (in so doing) to generate more competition.

• Fiscal impediments must be eradicated so there is no perceived lack of transparency or information.

• The implementation of the Single Euro Payments Area, known as SEPA, must become a reality for all, including national administrations.


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