European Commission’s targeted consultation on competitiveness of the EU banking sector

The German Banking Association has submitted comments on the European Commission’s targeted consultation on the competitiveness of the EU banking sector. The Commission intends to present a comprehensive report on this matter before the end of the summer. The German Banking Association has taken a firm stance on all three parts of the consultation. It is worth noting that to excessive regulation is seen as a key competitive disadvantage for European banks. Furthermore, regulation must serve the objective of mobilising capital, for example to finance the transformation. With regard to less complex business models, a more proportionate framework is considered necessary. However, there is no perceived need for a common European deposit guarantee scheme.