The writer is executive chair of Banco Santander and chair of the Institute of International Finance
Last week, EU finance ministers unanimously urged the European Commission to simplify and streamline the bloc’s financial regulatory framework. For the first time, all 27 member states have acknowledged an uncomfortable truth too long ignored: Europe’s regulatory system is too heavy, too complex and too slow for the world we face.
But a deeper truth sits beneath it: Europe’s biggest financial-stability risk is no longer banks — it is low growth itself. Stronger growth is essential to remaining secure, prosperous and strategically autonomous.
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