A comprehensive review of the financial services landscape is necessary if the EU is to address structural inefficiencies, ensure market dynamism and support long-term economic growth. Although Europe’s financial system has expanded in size and complexity, and there have been efforts to diversify and integrate financial markets, progress remains uneven, with fragmented banking systems, regulatory inconsistencies and a lack of capital market depth. Enhancing the global competitiveness of EU financial markets means prioritising regulatory reforms that foster innovation, reduce costs and promote cross-border investments – starting with the robust enforcement of existing rules.

‘We all want Europe to progress, and we believe Europe has the capacity to do so.

Financial markets can make a positive difference but they can also cause setbacks.

The question is how we ensure the former and avoid the latter.’

Jesper Berg, Task Force Chair, and Former Director-General of the Danish Financial Supervisory Authority

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