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Borse boss in Dublin: We need more EU

Tuesday, October 16 17:07:32

Speaking ahead of delivering the inaugural address of the Institute of Directors' Thought Leadership Series in Dublin this evening, a senior figure in German finance Dr. Joachim Faber, said we need more Europe, not less.

The Chairman of the Supervisory Board of the German Stock Exchange (Deutsche Borse AG), commented on the future of the financial industry in a troubled Europe, saying that "the restructuring of the banking sector is a precondition for regaining growth in Europe and that in order to overcome the crisis; we need more Europe, not less."

Joachim Faber, a senior advisor to Allianz SE and who was, for many years, CEO of Allianz Global Investors, argues that "blaming the banks is not enough. Bankers must step out of their isolation and actively re-engage with policy makers to deliver a new banking landscape in Europe."

Commenting on the importance of Europe on the world stage, Joachim Faber said: "Geopolitically, the powers in the world are rebalancing away from Europe to Asia and Latin-America and no European country is better served by walking alone."

He argued that if any European country wants to hold a seat among the global powers, then that will only happen by being part of Europe.

"Europe is as much of a problem as it is an opportunity for the future. It has been more than five years since the crisis began; we need to overcome the state of debate, agree a solution and act," he said.

Dr. Joachim Faber will address over 300 members of the Institute of Directors in Ireland at 5.00pm this evening at the inaugural event of the IoD Thought Leadership Series in The Shelbourne Hotel, Dublin 2.