Banking Association assesses EU summit positively
International early-warning system makes sense

14 March 2008 - The Association of German Banks welcomes it that the European heads of government also dealt with the consequences of the financial market crisis at their summit meeting in Brussels today. “In doing so, the EU underlines its intention to play an active role in the international discussion on more financial market stability”, stressed Manfred Weber, the Association’s Chief Executive Officer. This ultimately benefited the European financial market. The EU’s roadmap was the right way forward.

The banking industry was aware that it had an important part to play in the response to the financial market crisis. “The main aim must be to create more transparency on the securitisation markets and in this way improve the functioning of markets”, Mr Weber said. This was also the concern of the heads of government.

Mr Weber welcomed the proposal to set up an early-warning system at international level. Besides dealing with the current consequences, the priority should be detecting future crises in good time. “Closer international cooperation could greatly help in this respect”, added Mr Weber.