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Top executives from Europe’s largest banks and insurance companies are pressing officials in Brussels to add economic growth as a key responsibility for financial regulators, arguing the current system puts too much emphasis on stability at the expense of competitiveness. The head of Zurich Insurance Group, Michel Liès, has urged European Commission president Ursula von der Leyen to copy what Britain did when it gave its financial watchdogs a similar growth-focused duty several years back. Industry group argues stability and growth can coexist “The fact that London has reacted a little bit quicker than Brussels is probably due to the complexity of Europe — but we just want to make sure that we put that on the table,” Liès said in an interview. “If we don’t address these urgent issues in the continent of Europe it will be too late.” Liès, who runs Switzerland’s largest insurance firm, made the call representing the European Financial Services Round Table, a powerful industry group that includes top leaders from 24 major banks and insurers across the region. The group makes the case that keeping the financial system stable and helping it compete globally are goals that can work together. “Competitiveness and stability are not mutually exclusive: both are essential if Europe is to compete on the global stage,” the appeal states. It asks for the EU’s six main financial oversight bodies to receive clear instructions to promote both growth and competitiveness. Right now, European financial regulators have one main job: keeping the financial system stable. According to the industry group, this single focus has created problems. “European regulators and supervisors have been given one statutory objective: financial stability,” Liès wrote. “Stability has too often become a justification for adding new layers of requirements without assessing their impact, effectiveness or cumulative cost burdens that…

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Filed under: News - @ January 16, 2026 3:24 pm