“The European Commission’s proposals for implementing the Basel rules are a step in the right direction. But they do not yet go far enough. Europe is different. It is good that the Commission has decided to take into account European specificities. Unfortunately, the corresponding proposals are temporary. We don’t know what will happen after 2030. Sustainable businesses, becoming more digital, European enterprises need to adopt a long-term perspective to achieve all of this. This is particularly the case for the many small and medium-sized enterprises with no external rating.” We, the private banks, cannot be satisfied with this. 

Also, the Commission believes that banks should take a longer-term approach to risk management. They should take more account of sustainability risks. Undoubtedly, banks will deal with sustainability risks appropriately. However, what lies ahead is not only risk, but above all an opportunity for Europe to remain competitive in the long term. To do this, we must set the right course. We need more private capital to transform the economy. The Commission’s legislation lacks these positive incentives.”