What I have tried to show today is that the European banking sector is facing profound challenges that are reshaping financial intermediation in Europe. These are in principle positive forces and we should not stand in their way. It is banks that need respond and face the challenge.
But we should also not be naïve: we need strong banks in Europe to support our economy, and policy has a role to play to achieving that. This does not mean helping individual banks or promoting national champions, it means creating an environment with better capitalised banks, better information and better regulation. Then, banking will have a solid future in the emerging European financial landscape.
BIS
Yves Mersch: The future of banking - a central banker s viewSpeech by Mr Yves Mersch, Member of the Executive Board of the European Central Bank, at the Economist Future of Banking Summit, Paris, 10 March 2015.
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