Dear Ladies and Gentlemen,   

Have we learned our lesson from the financial crisis? It is doubtful.  

Proven deposit-based business models are now suffering from the zero interest rate policy of the ECB. New regulatory projects disproportionately affect small and low-risk credit institutions. At the same time, shadow banks and Fintechs operate largely outside the regulatory regime.

The European Commission is pushing forward the project for a Capital Markets Union. It aims to direct more private savings into riskier capital markets. Loan financing through deposit-based institutions, which is so important for Europe, would be weakened further. While the pressure on earnings is increasing, the costs of the European guarantee funds are going up as well.

We want to discuss with you whether the financial world is really becoming "brave and new” as well as about the opportunities for long-term financing models and the growth market for improving energy efficiency. The EFBS Congress offers inspiring lectures, national and international case studies and the opportunity to interact with colleagues and experts.

I look forward to welcoming you at this event.

Best regards

Herbert G. Pfeiffer
President of the European Federation of Building Societies