On July 11, the Official Monetary and Financial Institutions Forum (OMFIF) hosted an online roundtable meeting, delving into the competitiveness of financial services in Europe compared to the United States and Asia. The event, attended by current and former policymakers, regulators, scholars, and market participants from various regions, provided a platform for insightful discussions and analysis.
Professor BEN Shenglin, Dean of ZIBS, renowned for his extensive experiences in the financial sector, participated in this discussion. He offered valuable perspectives on the subject, highlighting the advantages and disadvantages of European financial services in relation to other regions.
According to BEN Shenglin, Europe possesses several strengths that contribute to its competitiveness. Notably, the European financial sector remains highly international, surpassing its American, Chinese, Singaporean, and Japanese counterparts. The region benefits from a wealth of talent and serves as home to multiple international funding centers, including London, Zurich, Frankfurt, Paris, and Amsterdam. European financial institutions such as HSBC, Santander, UBS, Deutsche Bank, and others further bolster its position.
Moreover, he emphasized the exceptional infrastructure unique to Europe. Institutions like the Bank for International Settlements (BIS), SWIFT, and International Sustainability Standards Board (ISSB), and Basel Accord contribute to Europe's leadership in ESG and Green Finance.
However, BEN Shenglin also highlighted certain disadvantages compared to the US and China. Europe experiences more fragmentation within its market, and its overall economic size is smaller and more divided than that of China and the US. Additionally, Europe's aging population presents challenges in adopting technological innovations that are transforming the financial sector.
OMFIF is an independent think tank for central banking, economic policy, and public investment, providing a neutral platform for public and private sector engagement worldwide. The collaboration between ZIBS and OMFIF reflects ZIBS's commitment to facilitating meaningful dialogue and knowledge-sharing in the field of international business.
