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Meeting with Alessandro Profumo

On September 14, 2010, the Council hosted Alessandro Profumo, CEO of UniCredit and President of the European Banking Federation, at breakfast at the Harvard Club of New York.  The long-time head of one of Italy’s two largest banking institutions, Mr. Profumo discussed “Building the New Architecture of European Banking” to a group of Council members and guests from the private sector and local universities.
Mr. Profumo described the work of the Basel Committee on establishing global regulatory standards on bank capital adequacy, terming the decisions taken “quite positive”.  He emphasized the importance of developing a single European financial market, a process he said was moving forward.  In that connection he pointed to work in Europe on redesign of the regulatory system, in particular the work of the group on financial supervision chaired by Jacques de Larosiere.  He noted, however, that cross-border consolidation of financial institutions was unlikely.