On the eve of the new legislature in Europe, representatives of the Spanish and Italian financial associations met today in Rome to exchange views on how to strengthen the sector’s competitiveness and strengthen collaborative ties in the face of the geopolitical and demographic challenges facing the region.
During the 2nd edition of the ‘Dialogue on Financial Services’ conference, the national associations AEB, UNESPA, INVERCO and UNACC and the Italian FeBAF addressed the priority objectives of the banking, financial and insurance sectors so that they can facilitate the necessary financing for the investments that Europe needs and drive its economic and social progress in the current context.
Representatives from both countries agreed on the need to complete the Banking Union and advance the Capital Markets Union (CMU) and to implement it effectively so that it allows the development of the internal market and stimulates the transition towards a decarbonized economy and innovative financial services provision.
The associations urged European regulators and legislators to simplify regulation and supervision, which after years of intense reform has become complex and excessive, and to avoid overburdening the financial sector with new restrictions that could affect the capacity to support the real economy, particularly with regard to the review of the Retail Investment Strategy (RIS), the application of Solvency II for insurers and the implementation of Basel III for banks.
Strengthening bilateral economic relations was another point of agreement between Spain and Italy to contribute to national and community progress. Italy is the sixth economy in terms of direct investments in Spain, and Spain is the fourth in accumulated investments in Italy during the last decade. Exports have grown significantly in both directions over the last ten years.
Speakers included Alejandra Kindelán, President of AEB; Giovanni Pirovano, President of Banca Mediolanum and head of the FeBAF delegation; Ángel Martínez Aldama, President of Inverco; Maria Abascal, Director General of AEB; Cristina Freijanes, Secretary General of UNACC; Pierfrancesco Gaggi, Secretary General FeBAF; Carlos Tusquets, President of Banco Medialanum España; Dario Focarelli, Director General ANIA; Carlos Esquivias, Director of Personal Insurance and Taxation at UNESPA; and Alberto Oliveti, President of Adepp.
