Brussels, 24 April 2024 – Members of the European Association of Cooperative Banks (EACB) gathered virtually for the 52nd EACB General Assembly. An occasion to stocktake progress and align the Association’s priorities with the most pressing matters in the EU financial services regulatory agenda.
Guest of honour was Michael Hager, Head of Cabinet of European Commission Vice-President Dombrovskis.
With the European Elections in view, discussions particularly focused on what legislative proposals may fall on fertile ground for the next EU’s decision-makers. Two areas promising important developments are the global European competitiveness and the future of the EU capital markets union, as also covered by Letta’s report. Agri financing, which is currently debated by the EACB in a dedicated Commission’ Strategic Dialogue, may also play an important role.
Mr Hager reflected on the past 5 years with an outlook to future activities “the current Commission mandate set the path for the twin transition, directing the EU towards a greener and more digital economy. The Commission then faced a number of unexpected crises, showing leadership in tackling Covid and supporting Ukraine against the unjustified Russian aggression,” Looking ahead, “competitiveness features prominently on the EU agenda, with capital and financial markets’ integration as drivers of EU’s economic growth”.
The increasing regulatory burden placed on the banking sector is also expected to garner attention. EACB President, Daniel Quinten, added how “over the past decade, there has been a significant influx of newly delegated regulations released, and at a rapid pace. This raises questions on how necessary they are given their marginal contribution.”
At this occasion, the EACB also presented its report including recommendations to policymakers for a strong retail and cooperative banking sector and launched a “Less is More” project to address the mounting wave of level 2 and 3 regulatory texts and the supervisory powers of European Supervisory Authorities (ESAs).