EU, banking reform by early 2027 - Aiming to unlock billions of euros in investments
The European Union will propose new legislation to reform the banking sector, aiming to break down financial barriers within the bloc and reduce its dependence on foreign banks for critical funding needs. The report, to be presented on July 15, lays the groundwork for broader banking sector reforms expected in 2027.
“The EU banking market remains fragmented and has become overly complex in some areas,” the report says, noting that the situation results in “households and businesses paying more for credit than they should.” Cross-border banking within the EU remains more limited than in the United States, despite decades of efforts at market integration.
The reforms come at a time when Europe faces growing investment needs. One study estimated that the bloc requires an additional 1.4 trillion euros in annual investment, compared with the 800 billion euros identified in Mario Draghi's competitiveness report for 2024.
According to the European Commission's draft report, if banks are able to be more efficient, they can also better finance critical sectors. It addresses the importance of reducing the bloc's dependence on banks based outside the EU. It says that "the EU banking sector can help finance the EU economy, including its strategic priorities, such as defence and the [digital and green] transitions".
The document cites three main goals to make the banking sector more competitive: to complete the single market for banks, to adopt international standards for the EU banking industry, and to simplify some "overly complex and burdensome aspects of the sector," the report says.
The report includes proposals to make cross-border banking operations easier, including the movement of capital and liquidity between member states and the management of bank failures.
In parallel with the reform and further integration of the banking sector, the document specifies that any reform must go hand in hand with the further integration of European capital markets. Negotiations on capital markets reform are ongoing in Brussels, with the bloc aiming to reach an agreement by the end of the year.
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