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The Eurofi Financial Forum 2020 I 9, 10 & 11 September

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The Eurofi Financial Forum 2020 I 9, 10 & 11 September SUMMARY THE EUROFI FINANCIAL FORUM 2020 BERLIN I 9, 10 & 11 SEPTEMBER ORGANISED IN ASSOCIATION WITH THE GERMAN EU COUNCIL PRESIDENCY 1 All the publications of the Berlin Financial Forum and of previous events are on the Eurofi website Summary Views Magazine Regulatory Update www.eurofi.net EDITORIAL The Eurofi Financial Forum 2020 took place in Berlin in a hybrid format on the eve of the informal Ecofin meeting. More than 180 speakers from the EU public authorities and the financial industry participated in the 30 sessions of this Forum, which were followed by more than 500 participants. The challenges and conditions for relaunching growth in the Covid context and the main regulatory and supervisory developments in the financial sector at the European and global levels were discussed during this Forum, as well as major on-going trends such as digitalisation and the development of sustainable finance. In the following pages you will find the summaries of all the panel discussions that took place during this international Forum and the transcripts of the speeches and exchanges of views. We hope you enjoy reading this report which provides a detailed account of the views expressed by the public and private sector representatives who took part in this event on the economic and financial stability challenges that the EU is facing and the policy priorities for the EU financial sector going forward. Marc TRUCHET Didier CAHEN Jean-Marie ANDRÈS Senior Fellow Secretary General Senior Fellow 6 SESSION SUMMARIES POST-COVID CHALLENGES AND PRIORITIES Conditions for relaunching growth in the EU in the post-Covid context Is the EU response to the Covid 19 economic crisis fit for purpose? Should we be concerned about post-Covid financial stability? Way forward to address unsustainable sovereign debt in the EU Is current monetary policy doing more harm than good and are there alternatives? Should financial sovereignty be a key objective for the EU and what are the priorities? BANKING AND INSURANCE REGULATION How should the EU banking framework evolve in the context of the economic crisis? Does the Covid-19 crisis reinforce the case for the Banking Union? What does the Covid-19 crisis mean for insurance companies and their regulation ? FUTURE STEPS OF THE CMU CMU: is the High-level Forum report the right way forward and what next steps? Can the EU manage without the City and how will financial services relations with third-countries evolve post-Brexit? What more needs be done to strengthen equity funding in the EU? How to develop retail investment in the capital markets in the EU? How to maximize the role of investment funds in the post-Covid recovery? Improving EU securities market transparency and infrastructure: priorities for CMU How to address key CCP outstanding issues? How to relaunch securitization in the EU? NEW TECHNOLOGIES AND PAYMENTS How to support an effective digitalisation of EU finance? Is the EU policy approach on cloud and data up to the digital challenges? Will AI be a game-changer in the financial sector and under what conditions? Key success factors for delivering an effective and viable EU retail payments area Does the EU need to build its own payment system? ESG AND SUSTAINABLE FINANCE Have the prospects of Global and EU ESG policies changed with the Covid crisis? Will tackling climate risk still be a major priority post Covid-19 crisis? Sustainability disclosures: progress made and possible new challenges 98 SPEECHES Dr. Jörg Kukies - State Secretary, German Ministry of Finance Economic and financial priorities for fostering growth and innovation in the EU Felix Hufeld - President, Federal Financial Supervisory Authority, Germany CMU 2.0 Valdis Dombrovskis - EVP, An Economy that Works for People, European Commission Implementation of the EU Next Generation package, what next? Paschal Donohoe - Minister of Finance, Department of Finance, Ireland & President, Eurogroup How to rejuvenate and rekindle growth in the EU ? Werner Hoyer - President, European Investment Bank Policy proposals to relaunch growth in the EU Klaus Regling - Managing Director, European Stability Mechanism The EU response to the Covid-19 crisis Klaas Knot - President, De Nederlandsche Bank Relaunching growth in Europe together François Villeroy de Galhau - Governor, Banque de France Macro-economic and monetary challenges - towards a stronger economic union post-Covid? Isabel Schnabel - Member of the Executive Board, European Central Bank The shadow of fiscal dominance: Misconceptions, perceptions and perspectives Richard Gnodde - Chief Executive Officer, Goldman Sachs International The role of capital markets in supporting Europe’s recovery Helmut Schleweis - President, Deutscher Sparkassen- und Giroverband The stabilising effects of smaller banks 124 EXCHANGES OF VIEWS Klaus Regling - Managing Director, European Stability Mechanism, João Leão - Minister of Finance, Portugal, Roberto Gualtieri - Minister of Economy and Finance, Italy Key economic and financial priorities for the euro area and the EU–27 Christian Sewing - Chief Executive Officer, Deutsche Bank Q&A session Jean Lemierre - Chairman, BNP Paribas Q&A session Xavier Musca - Deputy Chief Executive Officer, Crédit Agricole S.A. Q&A session 134 INDEX OF SPEAKERS Public authorities Industry representatives Other stakeholders 140 PORTFOLIO SESSION SUMMARIES POST-COVID CHALLENGES AND PRIORITIES o 7 Conditions for relaunching investment and growth in the EU in the post-Covid context 11 Is the EU response to the Covid-19 economic crisis fit for purpose? 14 Should we be concerned about post-Covid financial stability? 17 Way forward to address unsustainable sovereign debt in the EU 21 Is current monetary policy doing more harm than good and are there alternatives? 26 Should financial sovereignty be a key objective for the EU and what are the priorities? EUROFI REGULATORY UPDATE - ZAGREB AVRIL 2020 POST-COVID CHALLENGES AND PRIORITIES Conditions for relaunching investment and growth in the EU in the post-Covid context 1. The EU faces an investment and growth weakness union and CMU. Often, investments in these areas are An official opened by stating that long term and productive complementary to investments in other assets, such as human investment are essential for economic growth. However, capital, and technological infrastructure. If conditions in any corporate, infrastructure, energy and R&D investments are one of those areas are lacking, it can hold back more cutting higher in large economies than in Europe, and real GDP edge technologies. This is where the Recovery and Resilience 1 growth and productivity gains in the euro area have failed Facility (RRF) , by supporting public investment in years to to catch up with the US, China and Japan over the past two come, can play a particular role. Unfortunately, in large parts decades. The COVID-19 pandemic and the global lockdown of the European and domestic markets, opportunistic power is have induced a sharp slump in the world’s economies. The inhibiting the capacity of rival companies to grow. pandemic is destroying capital, including human capital; A market expert stressed two points about the situation just it is causing businesses to invest less, given the uncertainty, before COVID. First, like most advanced economies, Europe and has led to much higher private savings, which is reducing had suffered from longer downfall trends in productivity and overall economic demand. Moreover, higher public debt can growth alongside an increase in their share of older people. have a negative impact on growth in the long-term. This long fall in productivity is due to a maturing of the old In May, the European Commission calculated that, in a capitalist cycle. relatively optimistic scenario, corporate Europe would 1.2 Overly fragmented banking and financial markets in lose €720 billion by the end of the year. One quarter of all Europe European companies with more than 20 employees would Lack of investment in the EU is probably due to a number of exhaust their working capital and run out of cash by then, weaknesses, in the view of a market expert. Among them is even while benefiting from wage subsidies. This will have that important savings are largely invested abroad. Although repercussions on growth. This very hot topic lies behind much the euro zone has a large surplus of savings over investment, of the thinking about the German presidency. European companies do not benefit from them, largely due to 1.1 Low productivity growth, weak demand expectations the failure of CMU. There is a real paradox: the euro zone’s and regulatory uncertainty savings surpluses do not contribute to investment in Europe. A policy maker stated that investment developments in the Second, banks in Europe, which are a key component of the decade since the global financial crisis have been disappointing, financial markets, are in a weaker position compared to their in pace and quantity. The reasons are essentially threefold: low American competitors. Banks continue to make too little profit productivity growth, weak demand expectations and policy in Europe compared to the US. The banking sector in Europe uncertainty. is too fragmented, not concentrated enough and oversized. When thinking about levels of investment, it is better to reflect EU banks still have to absorb a significant amount of non more on the barriers, rather than having a specific number performing loans due to the economic downturn. In addition, in mind. The main barrier is the low allocative efficiency of they do not benefit, as in the US, from a securitisation system corporate investment. In Europe it is not oriented towards that would help the intermediation of banks, insurance and the most productive areas or efficient markets. This is holding pension funds to transfer sound risks to the market. Thus, back rates of returns, many of which can be attributed to some weaknesses have accumulated in Europe compared to inefficiencies and blockages in product, labour and other the US, which has fewer rigidities and has recovered its growth.
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