Beginning Wednesday, 23 January 2019 12:30
End Wednesday, 23 January 2019 14:00
Location Boulevard Bischoffsheim 11, 1000, Brussels, Belgium
Event fees British Chamber members: €0.00 (incl. VAT)
Access Full and Patron members only

10 years on – Lessons from the Banking Union for future financial regulation - Report


We were pleased to welcome Gunnar Hökmark MEP at this Investment and Growth Task Force Briefing, to reflect on the past years of prudential regulation in the EU and the lessons drawn from the Banking Union.

As Mr Hökmark was the leader of the Parliament’s work on the Banking Recovery and Resolution Directive from 2012 to 2014 and has been the Parliament’s rapporteur on the banking structure reform since 2014, his thoughts on the financial crisis of 2008 and the recent banking sector reforms were extremely insightful and provided our members with great depth of information.

Roughly ten years have passed since the onset of the financial crisis in Europe, whose financial landscape has since then undergone major reforms and transformations. It is therefore crucial at this point to make an assessment of where we currently stand and what lessons are to be drawn, and the briefing provided the right opportunity for the speaker and the participants to do so.

In response to the crisis, a number of initiatives were put in place in order to strengthen financial stability, and ensure that the banking sector is safe, reliable, and better supervised for the single market. This set of initiatives, the Banking Union, is founded upon the Single Rulebook in particular, whose set of legal acts must be complied with by all of the EU’s financial institutions. Valuable insights about the legislations of the Single Rulebook were exchanged during the discussion.

The crisis acted as a test for the EU: a challenge it faced during the crisis was to address the growing distrust of its institutions, which led to the freezing of the market and opened the way for floods of legislations, such as the capital requirements directive IV (CRD IV), the capital requirements regulation (CRR), the amended directive on deposit guarantee schemes (DGS) and the bank recovery and regulation directive (BRRD). The latter, which Mr Hökmark was instrumental in implementing, has contributed to bringing more stability.

Conclusions were drawn during the discussion that the financial sector has a crucial role to play in the economy, and that there is no need to distinguish between the financial economy and the real economy. It is now the time to look back on what has been done and learn from the lessons of the crisis. There is a necessity to have stable European institutions, and to understand that financial markets are about analysing risks, taking risks and distributing risks.

David Reed, senior partner and Head of the Financial Policy Advisers Network at KREAB, kindly shared his thoughts of the event with us: “Thank you to the chamber for convening another excellent exchange with one of ECON’s most prominent MEPs - Gunnar Hokmark. His conclusions on the recent banking sector reforms, which he was instrumental in shaping, were an invaluable guide for members starting to think about where future policy initiatives may need to focus after the May European Parliamentary elections.”


MEP - EPP - SWE | European Parliament

Gunnar Hökmark is a Swedish politician for the Moderate Party and a Member of the European Parliament since 2004. In January 2007, he was elected Vice-Chairman of the EPP Group in the European Parliament, a position he held until 2014. Currently Hökmark is the leader of the Swedish delegation to the EPP and active in the Committee of Economic and Monetary Affairs and the Committee of Industry, Energy and Research. From 2012 to 2014, he led the Parliament’s work on the Bank Recovery and Resolution Directive (BRRD).Since 2014, Hökmark has been the parliament’s rapporteur on the banking structure reform. He is also a member of the delegation to the EU-Serbia Stabilisation and Association Parliamentary Committee and active in the Delegation to the EURONEST Parliamentary Assembly. Gunnar Hökmark is the chairman of The Stockholm Free World Forum a Swedish foreign and security policy oriented think tank. He has also been very active in the work against antisemitism and xenophobia and earlier this year Hökmark was awarded by the The Society of the Survivors of the Holocaust for his work.

This event is held under the Chatham House Rule.
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