Brussels advocates for more European banking consolidation - Dominique Laboureix in Expansión

The Chair of the Single Resolution Board, Dominique Laboureix, advocates for greater banking consolidation and integration that allow entities in the euro zone to compete internationally. He joins other European authorities in the idea that continental banking has room to star in more mergers and acquisitions in the future. The President of the Single Resolution Board (SRB), Dominique Laboureix, advocates for greater banking consolidation and integration that would allow entities in the euro zone to compete internationally. He expressed this last week, during his participation in a meeting organized by the European employers’ association EBF, mentioning the need for the Old Continent to advance in areas such as banking union or capital market. A “true” union can only come from a “consolidated and integrated” banking sector, stressed the top European official of the resolution mechanism, adding later that “there is no New York Stock Exchange without JPMorgan Chase”. Laboureix placed the competitiveness of European banks as one of the priorities around which the current political debate in Brussels revolves. It is, in his opinion, an indispensable condition to achieve financial stability that is not paid for by taxpayers. Therefore, the president of the SRB calls on legislators to work on achieving a banking union and a single continental market “where European banks can grow, consolidate and serve the citizens of Europe while competing internationally”, he explained. This message in favor of greater consolidation joins those promoted by other financial authorities in the euro zone in recent months. At the end of April, for example, the president of the Supervisory Board of the European Central Bank, Claudia Buch, insisted on the need to promote pan-European banking mergers as a way to combat the fragmentation of the continental financial market and favor the existence of stronger entities