Association of German Banks: Improving Market Access for German Banks Worldwide
Booklet on liberalisation and deregulation published

08 December 2005 – “Greater opening up of services markets in the WTO, particularly in the banking sector, would benefit the world economy,” said Manfred Weber, Chief Executive of the Association of German Banks. “The upcoming Hong Kong summit is consequently the appropriate forum for eliminating discriminatory barriers to market access. Alongside the WTO negotiations, dialogue must also be stepped up with the US on important aspects of regulating the financial markets with the aim of moving forward transatlantic integration,” he stressed.

The trade and industry ministers of WTO member states are meeting in Hong Kong from 13 to 18 December 2005 to negotiate the further liberalisation of trade in agriculture, industrial goods and services. “For the German banks, improved access to emerging markets such as China, India or Brazil is a key priority,” said Weber. He believed advanced developing countries could benefit particularly from a greater opening up of their banking sectors. Increasing their foreign activities would, in addition, enable the banks to better support German companies in these promising markets.

In parallel with the WTO negotiations, the EU should take urgent action to reduce multiple regulation of internationally active banks and issuers. The Association of German Banks therefore welcomed the European Commission’s announcement in May 2005 that it intended to deepen international regulatory dialogues. “There must be greater mutual recognition of financial market rules, particularly in our relations with the US. Otherwise, there is a risk of distortions both in accounting standards and in implementing the capital adequacy rules agreed on in the Basel Committee on Banking Supervision (Basel II),” warned Weber.

The Association’s new booklet “Improving Market Access for German Banks Worldwide” shows how WTO negotiations and regulatory dialogues of the EU and the German government can help to eliminate discrimination and inefficiency in the world’s financial markets.

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