Kessler at IBA financial law conference: The law has to support the European banking to turn the page
On Thursday, 18 May 2017 the Chairman of the Management Board of Finantsinspektsioon gave a keynote address at the IBA International Financial Law Conference held in Tallinn. The presentation focused on the weaknesses of the European banking and on the role of the law to achieve a better future.
“While writing laws and implementing norms in the financial sector, it would also be good, among other things, to focus on the incentives these actions create. Does the legal environment and the activities of institutions motivate to find new beginnings, new opportunities, or do they cement status quo?” debated Kessler. “I am in favour of a framework of the financial sector which reasonably endorses finding new ideas and, through that, creating added value. This foundation, in return, helps to eliminate previous losses.”
“If there are legal obstacles to faster solutions then let’s change the laws. The clean-up of the banks’ balance sheets, overall management of proceedings, debt collection— these processes can be simplified and fastened. All this would help to strengthen banking and increase the global competitiveness of the EU economy”, explained Kessler.