Santander and the owners of Novo Banco joined CEOs of nine other major European banks in calling on the European Union for simpler banking regulation. The executives sent a letter to the President of the European Commission, Ursula von der Leyen, and the President of the European Council, António Costa, calling for a simplification of the regulatory framework that encourages investment.
The signatory banks argue that excessive regulatory complexity is hindering the ability of European banks to compete internationally and to boost the economy. The letter comes at a time when European financial institutions face growing challenges in the face of competition from North American and Asian banks.
The position of the major European banks goes in the same general direction as the proposals that Maria Luís Albuquerque, a Portuguese MEP and former Finance Minister, has been advocating in the European Parliament regarding the simplification of financial sector regulation in Europe.
This call for regulatory simplification comes in the context of broader debates about the competitiveness of the European banking sector and the need to create conditions that allow financial institutions to contribute more effectively to the economic growth of the eurozone.
