Co-operative Banks recommend an Approach that balances Regulation and Stimulation of local Growth in Europe
Today, 4 March 2014, the debate*‘Between Regulation and the need to re-launch local Growth : the Role of Co-operative Banks’, organised by the European Association of Co-operative Bank (EACB) took place in Brussels.
The co-perative banks met with public authorities to present and discuss their views and concerns for an approach that balances regulation and stimulation of local growth in Europe. Co-operative banks are key players in the retail banking industry with 3.700 banks, 56 million members and 215 million clients. Given the current economic situation, they are determined to continue funding the European economy and call for an approach that balances regulation and growth.
While co-operative banks support the objective of stabilising the banking sector and reducing financial risk, a large number of regulatory measures that were recently adopted at a global, European and domestic level, may negatively affect their financial funding ability. The EACB President, Christian Talgorn declared: “An approach that regulates all risks is essential, however, only on the basis that it is adequately flexible and addresses the diversity of the banking industry. Co-operative banks with a regional focus must not be at a disadvantage.”
*For more information about the EACB Regulatory Debate, please check our related web page.