European Banking Federation meeting concludes in Cyprus

The Executive Committee and Board of Directors of the European Banking Federation held a two-day meeting hosted by the Association of Cyprus Banks in Limassol, which concluded on Friday, May 22. Discussions focused on the current state of European economies and challenges facing the financial sector. The Federation prioritized the simplification of the regulatory framework to streamline oversight and enhance banking operations. Regarding the digital euro, the board emphasized a gradual implementation strategy with strict limits to ensure the protection of deposits while utilizing existing private payment standards. Furthermore, participants discussed technological risks, specifically calling for collective action against fraud and artificial intelligence-related threats, involving telecommunications and web platforms. EBF Board President Slawomir Krupa stated that European banks must shift their strategic focus from mere resilience to active competitiveness and growth. He highlighted the need for structural changes in regulation to support European sovereignty and provide better service to citizens and companies.