The European banking and financial sector is under structural change. During the last few months there has been wider discussion of the risk management and compliance related to banking sector.
The finance ministers of Germany, Holland and France have raised the topic in order to boost the banking union, but also to prevent the lately seen money-laundering scandals. For example the Dutch finance minister Woke Hoekstra told Bloomberg, that he thinks the Banking Union is the missing link in the European banking world in order to operate properly.
– The different sovereign debts are not the same, the risks are not the same, while there is no risk free sovereign debt, he said in the interview. He made his comments about the possible EU-wide “joint deposit insurance” for the banking sector for risk sharing and management.
The France finance minister Bruno Le Maire told Financial Times in October that the EU should consider an European wide, new, independent anti-money laundering institution to gain the confident in the banking sector back and to prevent new banking scandals. This kind of new independent institution would guide the sector related for example to customer due diligence, compliance and other safeguards.
During this year the Stoxx Europe 600 Banks index has decreased by 5,13 % compared to German Dax-index with a gain of 14,7 % gain this year or the French CAC 40-index 15,3 % increase.