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Banking and financial union, the risks for Europe

Results of the online survey at the 29th “Outlook for the Economy and Finance” workshop, (April 6-7, 2018, Villa d’Este, Cernobbio).

Banking and financial union, the risks for Europe
Banking and financial union, the risks for Europe
The second day of the “Outlook for the Economy and Finance” workshop opens with a key issue within the context of Brexit. Responses of businessmen to the online survey
Panel Agenda for Europe — Union of capital markets and the European banking union

Moderator Martin Wolf
Jes Staley
Elke Koenig
Valdis Dombrovskis
Sfidante Enrico Letta

Brexit is just one of the challenges to be met. The road towards full banking and financial integration within the European Union is at the center of debate in the second day of the “Outlook for the Economy and Finance” workshop organized by The European House–Ambrosetti in Cernobbio. A road which will not be obstacle-free, but one which is fundamental to creating a solid reservoir of capital indispensable for supporting investment and growth in the Old World.

Moderated by Martin Wolf, the participants in the first panel, “Agenda for Europe – Union of capital markets and the European banking union”, examined the central issues of the European Commission’s agenda: regulatory harmonization on a continent-wide level which necessarily includes reform on a national level, in order to create a homogeneous regulatory framework. The goal remains to complete this process prior to Brexit to guarantee investors a single market within which to pour the capital indispensable to the survival of companies and the European banking system.

In fact, it was the challenges for banks that formed the core of the first survey of the businessmen present at Villa D’Este for the second day of the “Outlook for the Economy and Finance” workshop.

The biggest challenge according to the results of the survey is represented without doubt by the digitalization of the sector and the new business models connected to this revolution, according to 34.9 percent of those surveyed, although lower than last year’s figure. This is followed by regulations and compliance at 32.6 percent, also lower (-11 points) compared with 2017, when it was indicated as the primary challenge.Up significantly in the rankings is fear of competition from unregulated sectors and countries, rising from 20.7 percent in 2017 to 29.1 in 2018, a factor linked closely with another challenge indicated by the businessmen as being very important: new customer behaviors and expectations. The change in the business models described above requires a re-thinking of the dynamics of the bank/customer relationship, also in light of the new requests that could arrive as a result of a renewed climate of geopolitical instability that is a preoccupation of 17.4 percent of survey participants.

Online survey results




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