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European Financial Services Round Table

Wednesday, March 5, 2014
Fifth Annual EFR Stakeholder Round Table on 4 and 5 March 2014 in Frankfurt
The Fifth Annual EFR Stakeholder Round Table, hosted at Deutsche Bank in Frankfurt, brought together 45 top level international, European and national officials, central bankers, regulators, supervisors, policy makers and EFR Members, Chairmen and Chief Executive Officers of leading European banks and insurance companies. Walter Kielholz, EFR Chairman and Chairman of the Board of Directors of Swiss Re, introduced the new EFR Report: "The Road Ahead for Financial Services in Europe: enabling the financial sector to create growth, promote long-term investment and improve competitiveness." The EFR's premier annual event was organised under the theme of "Driving growth, long-term investment and competitiveness in Europe," with a dinner address regarding "The importance of stability" and an opening keynote speech on "Building a European financial sector that is strong, sound and competitive." In the first session on "Getting Europe moving again: growth, jobs and long-term investment" there was widespread recognition of the progress being made in Europe to strengthen the economy, improve fiscal positions and to bolster the financial system. That said, Europe stands at a critical moment in which Banking Union needs to be further developed while governments have to continue making their economies stronger and more competitive. In the next session participants debated the topic of "Balancing risk and financial stability across the European system." While increased attention on systemic risk, higher capital requirements, leverage ratios and macro-prudential tools and policies are aimed at mitigating risk and stabilising the system, there was a lively discussion about the impact of such initiatives on the broader economy, the need for consistency in policies and the role of risk in the financial system. Finally, there was a third session featuring the topics on how to avoid fragmentation in a globalised world, in which the stakeholders agreed on the need for global financial institutions and the importance of promoting convergence of financial reforms and avoiding fragmentation in Europe and beyond.

Accompanying Document(s)