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European Commission - Press release

Post-crisis policy measures in the financial sector give way to longer-term growth goals Commission report finds

Brussels, 26 April 2012 – Resilience in the financial sector has improved in the aftermath of the financial crisis, and action is now focusing on longer-term growth goals, although vulnerabilities remain, according to an annual European Commission report on financial integration and stability. The European Financial Stability and Integration Report (EFSIR) will be presented at today's joint conference with the European Central Bank (ECB) in Frankfurt. The event brings together policymakers, financial market leaders and academics for discussion on financial stability and integration in Europe.

"We all know that 2011 was a difficult year for Europe," said Internal Market and Services Commissioner Michel Barnier, a keynote speaker at the event. "The report's careful analysis of past and current challenges is a solid basis for continuing our reform programme and shaping future policies. The reforms we are introducing are essential to restore financial stability and to pave the way for a more resilient and integrated European market in financial services. In turn, this is the essential basis to allow for long-term growth to return in Europe."

Background

This year's report:

  • presents a comprehensive account of the main market trends and developments in 2011 that had a direct impact on financial stability and integration;

  • sets out the major policy steps taken in 2011 to redress the crisis situation and provide the foundations for more stable and sustained growth;

  • provides an overview of broad trends in the evolution of the structure of the EU banking sector;

  • gives an assessment of the impact of the crisis and regulation on the insurance sector; and

  • considers how household sector financial wealth and household borrowing evolved in the crisis.

More information

Read the European Financial integration and stability report:

http://ec.europa.eu/internal_market/economic_analysis/financial_integration_reports_en.htm

Conference website:

http://www.ecb.europa.eu/events/conferences/html/finintst.en.html

Contacts :

Chantal Hughes (+32 2 296 44 50)

Carmel Dunne (+32 2 299 88 94)

Audrey Augier (+32 2 297 16 07)


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