Powerful banks should give up resistance to banking union, Governing artificial intelligence in finance
Monday 20 July 2020 – Vol. 11 Ed.30.1
Commentary: Powerful banks should give up resistance to banking union
By John Orchard and David Marsh in London
Germany’s auditing regulator is investigating financial watchdog BaFin for failure to act over now-bankrupt Wirecard. Regulatory shortcomings are one factor behind repeated setbacks among Germany’s fragmented and unprofitable banks. Germany’s powerful public sector banks should end their resistance to European banking union and create institutions of scale. Otherwise more problems will ensue. Not only Germany but the whole of Europe would be the loser.
Read the full commentary on the website.
Meeting: Governing artificial intelligence in finance
Tom Groom, managing partner for financial services at EY, joins Danae Kyriakopoulou, OMFIF’s chief economist and director of research, to discuss the opportunities and risks for the sustainability agenda from the Covid-19 crisis. They focus on challenges for supervisors balancing priorities for immediate economic relief with the need to ensure a green recovery, the banking sector’s preparedness for upcoming regulations and the innovations needed in capital markets to scale up sustainable investment opportunities.
