BRUSSELS, 8 March 2017 – The following text is from the WSBI G20 Institutional Positions document released this week.
The G20 German Presidency is building on the Chinese G20 presidency’s work to strengthen the global economy as a whole. It especially highlights that economic growth will be hampered and the risk of countries being overwhelmed in the event of another crisis may grow if countries slow down needed structural reforms. Efforts by the G20 German Presidency include work towards agreeing on principles to strengthen the resilience of national economies, improve countries’ ability to absorb economic shocks and develop better responses to long-term structural challenges. In this respect, WSBI would like to highlight that financing the real economy is a core function of WSBI members’ business model. Savings and retail banks safeguard deposits and put them to work through effective and responsible lending valued at close to €9.5 trillion.
Savings and retail banks: A key part of a diverse banking system
WSBI members have played an essential role in providing a model that forms part of a diverse banking system that remains crucial to maintaining the stability of the financial system. Preventing the concentration of economic and financial resources in the hands of the few is paramount to a resilient financial system. WSBI fully supports the G20 German Presidency’s view that an inclusive and sustainable financial system that offers all households and companies appropriate access to financial services is a key element for the stability of the financial system and the global economy.