In a recent speech, Elizabeth McCaul, a Member of the Supervisory Board of the European Central Bank (ECB), discussed the shifting priorities in EU banking regulation, reflecting on the post-crisis regulatory climate.
"There is a natural ebb and flow of regulatory intensity driven by crises, economic conditions, and political priorities," McCaul noted. At the moment, she said, the focus is moving from safety and stability to a greater emphasis on competitiveness. However, safety and competitiveness are not at odds, McCaul argued: “A stable and secure financial system forms the bedrock of long-term competitiveness.”
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