Frankfurt Finance Summit 2014 Michel Barnier

The State of the Union: Michel Barnier and Danièle Nouy at the Frankfurt Finance Summit

At the Frankfurt Finance Summit, Michel Barnier, European Commissioner for Internal Market and Services, highlighted a fundamental benefit of the banking union in his opening address. “The banking union means that taxpayers are no longer in the front row when banks have to be rescued.” Danièle Nouy, President of the Supervisory Council at the European Central Bank, points to existing challenges on the path to greater financial stability: “the short-term challenge is to strengthen confidence in the banks’ balance sheets.”

Under the motto State of the Union central bank governors, regulators, representatives of the supervisory authorities, financial policy makers, academics and practitioners to came together for the fourth time in the financial centre Frankfurt to discuss questions of financial stability.

The Summit is organized and hosted by Frankfurt Main Finance and the Frankfurt Institute for Risk Management and Regulation (FIRM). The Frankfurt Finance Summit has established itself as a fixture on the subject of banking regulation and financial stability, and has become an indispensable dialogue platform for regulatory discussions.

On Tuesday, international experts discussed the status of the banking union, including EU Internal Market Commissioner Michel Barnier and Danièle Nouy, President of European Banking Supervision at the European Central Bank. Among the questions were whether the euro zone needs a settlement mechanism for insolvent countries, what form should banking supervision take in the future, and what role does Germany play in the banking union and what role should it play.

Lutz Raettig, Chairman of the Executive Board of Frankfurt Main Finance, says: “The path to greater financial stability, which has been taken in recent years, now has to prove itself, and be adjusted or corrected as necessary. This trend will continue, we will never complete this.”

Wolfgang Hartmann, CEO of FIRM, says: “Since 2009, the Frankfurt Finance Summit has established itself as a meeting place for international experts on risk management and regulation. This exchange is one of the central tasks of FIRM. Our common aim is to find effective and intelligent methods to manage risk and regulate the financial markets. ”

The Frankfurt Finance Summit underscores the importance of Frankfurt as a centre for financial stability and banking regulation in the euro zone.

The fifth Frankfurt Finance Summit will be held on March 17, 2015.