A large European bank as cement for the European Union. In an editorial in the “Financial Times”, Andrea Orcel, CEO of UniCredit, explains the reasons for the double blitz on Commerzbank and Banco Bpm. At the base there are financial but also political reasons given that the group is clashing with the governments of Rome and Berlin. According to Orcel, only greater banking integration can ensure the sustainable economic growth and competitiveness of the European bloc compared to other global powers such as the United States.
“I believe in the convergence of our banking system and, with it, stronger banks for Europe,” Orcel saidexplaining the reasons for UniCredit’s recent strategic moves. Among these, the investment in Commerzbank and the offer for the acquisition of Banco Bpm, two operations which, according to the CEO, go beyond simple economic interest: “Although these decisions were taken in the interest of our stakeholders, they put EU convergence and the future of the single market are also on the table,” he said. A large bank as cement against political nationalism.
Orcel has not hidden his concern for the economic future of the European Union. The current fragmentation of the banking system, according to the manager, represents an obstacle to global competitiveness. “We are serious about integration, but Europe must demonstrate that it is equally serious”, warned the super-manager, inviting the European institutions to demonstrate a concrete commitment towards the creation of a single banking market.
The risk, Orcel underlined, is that of losing ground compared to other economic blocs, primarily the United Stateswhich already benefit from greater unity and a quicker reaction to global economic challenges. “Europe is at risk of falling behind the United States,” he declared, underlining how internal divisions could cost the Old Continent dearly in terms of growth and innovation.
The head of UniCredit launched a clear and direct appeal to European leaders: Urgent action is needed to complete the single banking market and initiate structural reforms that facilitate integration. “We now have the opportunity — and I believe, the duty — to strengthen the European banking sector and with it the ambitions of our bloc,” Orcel concluded, charting a course for the future of the European banking system.
The words of UniCredit’s number one take on a particular meaning at a time when the banking sector is at the center of a profound digital transformation and in the face of increasingly complex global economic challenges. Orcel’s invitation could push European institutions to intensify efforts towards greater harmonization of banking regulations and the creation of a more favorable environment for international operations.
With his analysis, Orcel wanted to underline not only the importance of UniCredit’s strategic moves, but also the crucial role of banks as fundamental players for the competitiveness and resilience of the entire European economic system. If the European Union accepts his appeal, a new phase of integration will open which could strengthen Europe’s position in the global economic scenario.
