Bundesbank and ACPR leaders warn against deregulating EU banks for competitiveness
A joint op-ed from the incoming head of France's ACPR and a Bundesbank board member pushes back on the idea that loosening bank rules would make Europe more competitive. It is a short, pointed intervention into the EU's competitiveness debate, reframing prudential resilience as a precondition for financing climate, digital and defence priorities rather than an obstacle to it.
- Denis Beau and Michael Theurer argue in La Tribune on 10 September 2026 that deregulating EU banks to boost competitiveness would be a mistake.
- The authors frame the EU's competitive position as an issue of sovereignty, not only economic growth.
- They note the combined capitalisation of US bond and equity markets far surpasses the EU's, and that the US venture capital market is six times bigger.
- They call for mobilising European savings toward climate transition, digitalisation and defence, and for advancing the Savings and Investments Union.
- They argue resilience built by post-2008 reforms is instrumental to banks' capacity to finance Europe's strategic ambitions.