Franco-German Alliance

More EU integration starts with better banking union

Paris Frankfurt banking union
Time to bring these two financial capitals together. Source: Imago, Picture Alliance [M]

The Franco-German treaty of friendship known as the Élysée Treaty, signed on January 22, 1963, is an outstanding political achievement. After a long period of “hereditary enmity” and numerous wars with heavy losses, the agreement marked the beginning of close Franco-German cooperation.

This friendship has long given the European project a further boost. Yet a new resolution passed this Monday by the French National Assembly and the German Bundestag also underlines the challenges – and the fact that the Franco-German engine is needed now more than ever to overcome them.

The Franco-German economic area provides important momentum for the further deepening of the European single market. Banks have a key role to play, particularly as sources of finance for businesses, players in the digital single market and providers of cross-border financial services and green finance. French and German banks are determined to play an important role in financing Europe’s economic development in a post-Brexit environment. Financing small and medium-sized enterprises remains our main priority.

This is why we are calling for the further development of Europe’s Economic and Monetary Union.

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