Frank Elderson: Interview with Het Financieele Dagblad

Interview with Het Financieele Dagblad Skip to: Skip to navigation Skip to content Skip to footer EN Български Čeština Dansk Deutsch Eλληνικά English Español Eesti keel Suomi Français Gaeilge Hrvatski Magyar Italiano Lietuvių Latviešu Malti Nederlands Polski Português Română Slovenčina Slovenščina Svenska Menu Monetary policy & markets Monetary policy & markets Our monetary policy strategy, the tools we use and the impact they have Overview of monetary policy and markets Quick links What is monetary policy? Strategy review Asset purchase programmes Latest monetary policy press conference 11 June 2026 Introduction Benefits of price stability Scope of monetary policy Transmission mechanism Decisions, statements & accounts Monetary policy strategy Strategy review Medium-term orientation Two per cent inflation target Economic, monetary and financial analysis Economic analysis Monetary and financial analysis Instruments Open market operations TLTROs Asset purchase programmes Securities lending Pandemic emergency purchase programme Standing facilities Minimum reserves Two-tier system International market operations Euro central bank liquidity lines Emergency liquidity assistance (ELA) Liquidity analysis Collateral Eligibility criteria and assessment Marketable assets Non-marketable assets List of eligible marketable assets User guide Collateral management Eligible SSSs Eligible links Eligible triparty agents Risk mitigation ECAF Risk control Haircut categories Valuation Loan-level requirements Contacts Structure of the euro area economy Economic policy Fiscal policies External trade Effective exchange rates Financial structure Financial markets Financial intermediaries Economic diversity Labour market Market contact groups Bond market (BMCG) Money market (MMCG) Debt Issuance Market Contact Group (DIMCG) ECB Operations managers group (ECB OMG) Foreign exchange (FXCG) Institutional Investor Dialogue (IID) Monetary Analysis Contact Group (MACG) Payments & financial stability Payments & financial stability Insights into our work on financial stability and payments and market infrastructures Overview of payments and financial stability Quick links Digital euro Payments news & events Market contact groups TARGET professional use documents and links Latest Financial Stability Review 26 November 2025 Payments TARGET Services Shared features T2 Facts and figures Governance T2S Governance Facts and figures Pricing TIPS Cross-border payments Governance Facts and figures Onboarding ECMS Governance Pontes Governance TARGET professional use documents & links Shared features documents & links T2 documents & links T2S documents & links TIPS documents & links ECMS documents & links Pontes documents & links Tokenisation and DLT Appia Exploratory work Retail payments Retail payments strategy ECB as a catalyst SEPA Instant payments Market contact groups Collateral management harmonisation SCoRE Implementation FAQ AMI-SeCo Cyber resilience Financial market infrastructures TIBER-EU Euro Cyber Resilience Board Oversight Payment systems TARGET2-Securities Electronic payments Securities settlement systems and central counterparties Critical service providers Correspondent and custodian banks SecuRe Pay forum Reserve management services Key aspects Range of services Cash professionals Cash handling Authentication devices Recirculation of banknotes Common detector interface specifications Banknote manufacturer accreditation Financial stability Introduction to financial stability Macroprudential Measures Financial stability contact groups Statistics Statistics Access to all ECB statistics and background information Overview of ECB statistics Quick links Key figures ECB Data Portal Statistical releases PRESS RELEASE - ECB launches pilot project for research access to confidential statistical data 13 March 2025 Frequently accessed Euro exchange rates Key ECB interest rates Euro short-term rate (€STR) Interest rate benchmarks Working group on euro risk-free rates Inflation Euro area yield curves All statistics & background All key statistics All data services Data reporting & standards Governance and quality framework Co-operation and standards Banks’ data reporting AnaCredit AnaCredit Q&A Public consultations Banking industry dialogue on ESCB statistics and integrated reporting SDMX – statistical data exchange model INEXDA - granular data network The euro The euro All you need to know about our common currency Overview of the euro Quick links Cash professionals Banknote and coins statistics Euro exchange rates Redesign process of our future banknotes Digital euro What it is Digital euro and privacy How it works Why we need it Innovation platform Pilot Timeline and progress In-depth information Governance and stakeholder engagement Technical documents and research Scheme rulebook Frequently asked questions Cash The Eurosystem cash strategy The role of cash Issuance and circulation Access to and acceptance of cash Frequently asked questions Banknotes Future banknotes Redesign process Current banknotes Denominations Design elements Security features Anti-counterfeiting Banknote production and stocks Damaged and inked-stained banknotes Environment, health and safety Product environmental footprint Research and development Images and reproduction rules Information and training materials Coins €2 €1 50 cent 20 cent 10 cent 5 cent 2 cent 1 cent Common sides €2 commemorative coins Security features Collector coins Joining the euro area Bulgaria (2026) Croatia (2023) Lithuania (2015) Latvia (2014) Estonia (2011) Slovakia (2009) Cyprus (2008) Malta (2008) Slovenia (2007) Initial changeover (2002) Exchanging national cash Austria Belgium Bulgaria Croatia Cyprus Estonia Finland France Germany Greece Ireland Latvia Italy Lithuania Luxembourg Malta The Netherlands Portugal Slovakia Slovenia Spain Visually impaired people Research Research In-depth studies and expert analyses covering diverse topics and fields Overview of ECB research Quick links Conferences & seminars Opportunities for researchers Research Bulletin Economic research Research agenda Monetary policy, strategy and implementation Fiscal policy and governance within EMU International macro and finance Real sector and microeconomic analysis Forecasting and business cycle analysis Macro-finance, systemic risk and macroprudential policy Financial institutions, microprudential policy, financial markets and payments Opportunities for researchers Wim Duisenberg Fellowship Regular Research Visitors Lamfalussy Fellowship Summer Research Graduate Programme Student Research Traineeship Programme Legal Research Legal conferences and seminars Legal Research Programme Research papers Papers by authors ECB researchers Research networks News & publications News & Publications Browse all news & publications News Press releases Statistical releases Speeches Interviews The ECB Blog Podcasts & webcasts Payments news & events Press hub Publications Governing Council decisions Monetary policy decisions Other decisions Monetary policy accounts Economic Bulletin Articles Focus Monthly Bulletin Macroeconomic projections Annual reports & financial statements Annual Report Annual Accounts Eurosystem balance sheet Monetary policy operations Weekly financial statements Disaggregated data Financial stability publications Financial Stability Review Special features & boxes Macroprudential Bulletin Research publications Research Bulletin Working papers Discussion papers Occasional papers Legal working papers Statistics papers Other publications Letters to MEPs Convergence Report International Role of the Euro Events & calendars Monetary policy press conference Monetary policy statements Monetary policy statements at a glance Conferences & seminars Forum on Central Banking Young Economist Prize Past editions Civil society engagement Calendars Weekly schedule Meetings of the Governing Council and the General Council Statistical calendars Money, banking and financial markets Euro area economic and financial developments by institutional sector External transactions and positions Prices, output, demand and labour Government finance Supervisory and prudential statistics Eurosystem's tender operations Reserve maintenance period ECB banking supervision About us About us All about us Our leadership Executive Board Governing Council General Council Supervisory Board Our organisation ECB, ESCB and the Eurosystem ECB mission Eurosystem mission Strategic intents Organisational principles Our tasks and responsibilities Monetary policy Statistics Financial stability and macroprudential policy Our tasks Strategy Institutional framework Banknotes Payments & securities European relations European cooperation EMU economic governance International affairs International relations and analysis International central bank cooperation Foreign reserves and own funds Foreign exchange operations Organisation chart of the ECB Capital subscription Corporate governance Eurosystem financial literacy network Our values Independence Transparency Accountability Ethics – working with integrity Ethics Network of Multilateral Organizations (ENMO) Our history, arts and culture Our history 25 years of the ECB Economic and Monetary Union EU enlargement European Union Archives Committee of Governors European Monetary Cooperation Fund Delors Committee European Monetary Institute European Central Bank Arts and culture Our legal framework EUR-Lex - Frequently asked questions Institutional framework Climate change and the ECB Our climate and nature plan Climate-related financial disclosures Managing climate-related risks Supporting the green transition Fostering wider action Our approach Environmental protection Climate Insurance Protection Gap Sanctions imposed by the ECB Procurement Tenders Archive Electronic tendering system Access to documents Public Register of Documents Contacts Address ECB public holidays ECB & You ECB & You All about ECB & You Explainers Key things to know about the ECB ECB and beyond Our currency, the euro Making payments Monetary policy Unconventional monetary policy instruments Banking supervision Climate change and the ECB Test your knowledge Youth initiatives Girls' IT Bootcamp Financial literacy in Europe The gender gap in financial literacy Everyone needs stability ECB & You broadcasts ECB in Frankfurt Ask us Visit us Main building Careers Careers All about careers Vacancies Who we are About the ECB Meet our people Life in Frankfurt Why we value diversity Women@ECB Diversity networks What we offer Benefits & rewards Contract types Fixed-term Short-term ESCB/IO Other Traineeship Graduate programme ECB Scholarship for Women ECB Scholarship for Ukrainian graduates How you can join us How to apply How we hire You have been selected, what next? Fixed-term employee Short-term employee Trainee Cost-free secondee FAQs Search Menu ANYTIME PAST MONTH PAST YEAR Search Options Image Preview Sort by ANYTIME PAST MONTH PAST YEAR Suggestions Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers Suggestions Sort by Relevance Date Frank Elderson Member of the ECB's Executive Board INTERVIEW Interview with Het Financieele Dagblad Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Daan Ballegeer and Rutger Betlem on 19 May 2026 10 June 2026 Published in Het Financieele Dagblad on 3 June 2026. [The interview is introduced with a brief account of the collapse of Amsterdam Trade Bank in 2022, presented as an example illustrating the complexity of financial supervision beyond standard financial metrics. The introduction includes a quote by Frank Elderson, reproduced below.] Deregulation – even if you frame it as modernisation or simplification – is a no-go. We should not forget the lessons of the financial crisis. Moreover, as a supervisor we are not there solely to focus on financial risks. Amsterdam Trade Bank has made that abundantly clear. Non-financial risks in particular are often an excellent predictor of future financial problems. They have the unfortunate habit of not manifesting themselves as financial risks for a very long time – and then suddenly they do. By then, it is often too late. When the ECB talks about simplification, banks tend to hear deregulation and lower capital requirements. Are you even speaking the same language? If deregulation leads to lower capital requirements, then we do not consider that a good idea. There is no convincing evidence – quite the opposite, in fact – that a well-capitalised banking sector would constrain lending to the real economy. Do banks have a point that they could extend more credit if they were not required to hold as much capital on their balance sheets? Our research shows that the current level of capital requirements does not constrain lending. Sometimes there is a perception that we are only pushing for more capital and more rules, but that is not true. European banks are currently well capitalised and capital requirements have remained broadly stable in recent years. The last time that they were raised significantly was in the wake of the financial crisis of 2008 – and with good reason. During the pandemic, by contrast, requirements were temporarily eased. Our goal is to ensure banks are resilient and stable, so they can continue to fulfil their vital role in the economy by financing businesses and households – not only in good times, but also in bad times. The EU is aiming for greater autonomy and stronger competitiveness. What role can the financial sector play in achieving that? The problem is that the single European market is not truly single. And because we still do not have a fully fledged banking union, capital and liquidity remain trapped within national borders. The solution to that fragmentation is integration, not deregulation. That is why we need a genuine single market, a European deposit insurance scheme and a capital markets union. That last point is a type of simplification that many Member States endorse in words, but at times obstruct in practice. For instance, the planned takeover of Germany’s Commerzbank by Italy’s UniCredit is facing strong political resistance in Berlin. Without commenting on individual institutions or transactions: if you aim to build a single market, yet at the same time fiercely resist cross-border mergers, you are maintaining the very barriers we should be dismantling as quickly as possible. Only when doing business between Portugal and Finland becomes as routine as banking between Groningen and Zeeland will banks be able scale up – with all the benefits that brings for their competitiveness and for economic growth. European solutions may in the short term feel like a loss of national sovereignty. But in the medium to long term, they are precisely how we in Europe can continue to shape our own future. We did this a generation ago with the euro, and a decade and a half ago with European banking supervision. Now we need to do the same with the banking union, the single market and the capital markets union. Europe is under intense pressure from both the east and the west. We must finally complete the task we have been working on for so long. Only then can we generate the growth needed to keep our destiny in our own hands. What exactly does the ECB mean by simplification? We are simplifying and speeding up our own processes. Take, for example, our annual supervisory review, which covers all of Europe’s significant banks (currently numbering 111). We assess capital, liquidity, business model and governance. But is it equally useful to examine every risk area for every institution in the same way every year? The answer is no. We no longer scrutinise every risk at every bank each year. If a bank has been assessed in a particular risk area and no significant findings have emerged, the frequency of reviews in that area can be reduced. For some supervisors, that is unsettling. They are afraid of missing something. But we are changing our supervisory culture and clearly setting priorities. In practice, how does simplification translate into a lighter regulatory burden? We have identified nearly a hundred publications containing supervisory expectations and good practices, which we are reviewing one by one. These will be streamlined, shortened, consolidated, made consistent – and a significant number will be retired altogether. Another example is the approval of securitisations. That used to take an average of three months. We have reduced that to seven days, provided they meet a set of simple, transparent criteria. If they do not meet those criteria, we will take a closer look. That may not change the world, but it does significantly reduce the regulatory burden for banks. And for us, it frees up resources that we can deploy where they matter most. Our capacity has its limits, so we have to make choices. That sounds like a fundamental cultural shift – not just for the ECB, but also for national supervisors such as De Nederlandsche Bank (DNB). Are you able to bring everyone on board? This is a process. I did not wake up one morning thinking: today is the day I will change our culture. Together with the national supervisors, including DNB, we set our supervisory priorities each year. At that point, individual supervisors may object, but they ultimately have to align with them. Culture is also reflected in the supervisory approach. How do supervisors behave when they arrive at a bank with, say, a publication of good practices in hand? Does that sometimes create the perception that it contains binding requirements? That is an area where we still have work to do. Through training, by leading by example, and by adapting such texts and making it crystal clear that they are not legally binding. Our role must be clearly understood. We need to remain critical of our own tone. We are a supervisor, not a rulemaker. Supervisors are also dealing with the consequences of simplified regulation. For example, the European Commission wants to raise the threshold for companies required to report on their sustainability performance from 250 to 1,000 employees. We set out our Opinion on this at the ECB last year. Our core message was: we understand the desire to simplify, but be careful not to go too far. Banks need to manage their climate- and nature-related risks, and to do so they need data from their clients. If legislators require those clients to publish harmonised data, banks can simply retrieve that data from company websites – without additional hassle for their customers. If you remove that reporting obligation for companies, the need for that data does not disappear for banks. One likely consequence is that banks and insurers will have to burden their clients directly with questionnaires. What is intended as simplification for businesses could therefore actually lead to more bureaucracy instead. Related topics Banking supervision Banking regulation Risks Resilience Disclaimer Please note that related topic tags are currently available for selected content only. CONTACT European Central Bank Directorate General Communications Sonnemannstrasse 20 60314 Frankfurt am Main, Germany +49 69 1344 7455 media@ecb.europa.eu Reproduction is permitted provided that the source is acknowledged. Media contacts Are you happy with this page? Yes No What made you unhappy? Page not working Information not useful Design not attractive Something else Thank you for letting us know! Useful links About us Work with us Explainers Press photos Contacts Where to find us Using our site Disclaimer & Copyright Technical updates Responsible disclosure Corporate Policies Data Protection Privacy statement for the website Cookies policy Accessibility statement Language policy Site directory Copyright 2026, European Central Bank Follow us Our website uses cookies We use functional cookies to store user preferences; analytics cookies to improve website performance; third-party cookies set by third-party services integrated into the website. You have the choice to accept or reject them. For more information or to review your preference on the cookies and server logs we use, we invite you to: Read our privacy statement Learn more about how we use cookies I understand and I accept the use of cookies I do not accept the use of cookies Thank you! Thank you! We have updated our privacy policy We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies. See what has changed in our privacy policy I understand and I accept the use of cookies I do not accept the use of cookies Your cookie preference has expired We are always working to improve this website for our users. To do this, we use the anonymous data provided by cookies. Learn more about how we use cookies I understand and I accept the use of cookies I do not accept the use of cookies This feature requires cookies. Modify

Nøglefraser.

Fuld tekst.