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International Seminar“DO SAVINGS HAVE A ‘VOICE’ IN EUROPE?”Financial industry representation in Europe
and role of Financial Centers and Federations
Rome, June 5th 2015
LUCIANO MONTIAdjunct Professor of European Union PoliciesLUISS Guido Carli University – Rome (IT)
2
Two researches and key results
(A) Representation of the financial industry and index
B) New ways of representation in the financial market
3
(A) The domestic impact: the institutional representative bodies monitored
GermanyFrance UK Spain Sweden Finland Poland Italy0
1
2
3
4
5
6
4
(A) Taxonomy and main indicators for domestic index representation of the financial industry
Sectorial relevance in the country labour
market
Number employes NACE Rev. 2 Section J
(65-66-67)
Number employes NACE Rev. 2 Section J
(65-66-67) vs total country labour market
Gross value added
Financial business gross value added vs Country Gross value
added
prodution units NACE Rev. 2 Section J (65-
66-67)
Sectorial representation
represented companies vs total
companies in Number employes
NACE Rev. 2 Section J (65-66-67)
integrates services to customers and stakeholders
5
(A) The domestic impact: the pondering system
Domestic impact
In the labour market
Contribution to national gross value added
Level of representation
High Equivalent or superior to 3,5% of total labour market
90% equivalent or superior to the average financial sector contribution to gross value added in EU27 countries
80% or more of financial comp. represented by the single association or at the whole. At least 10 keys services provided by the associations.
Medium Equivalent or superior to 3% of total labour market
80% equivalent or superior to the average financial sector contribution to gross value added in EU27 countries
70% or more of financial comp. represented by the single association or at the whole or at least an association representing more of 90% of the companies of the sector. At least 8 keys services provided by the associations.
Low Less than 3% of total labour market
Less than 80% of the average financial sector contribution to gross value added in EU27 countries
Less than 70% of financial comp. represented by the single association. Less than 8 keys services provided by the associations.
6
(A) Represented companies - % of banks (yellow) and insurances (black) operating in the country
GERMANIA FRANCIA REGNO UNITO
SPAGNA SVEZIA FINLANDIA POLONIA ITALIA0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
90%
59%
67%
27%
35%
91%95% 95%
81%
90%88% 86%
90%
46%
11%
70%
Germany France UK Spain Sweden Finland Poland Italy
7
(A) The domestic impact: key services monitored
DOCUMENTATION•Reports•Discussion papers•Position papers•Statistical outlooks
MEDIA•Press release•Press review•Multimedial tools and web •News•Newsletter•Links
SERVICES•Agenda•Relevant laws and
regulations •Glossary•Training services•Reserved areas
8
(A) The domestic impact: key services monitored
Repor
ts
Posit
ion
pape
rs
Stat
istical
out
look
s
Reser
ved
area
s
Pres
s rel
ease
Pres
s rev
iew
Multim
edia
l too
ls a
nd w
eb
News
Newslet
ter
Agend
a
Relev
ant l
aws a
nd re
gula
tions
Gloss
ary
Trai
ning
serv
ices
Links
0
5
10
15
20
25
9
(A) Taxonomy and main indicators for European index of representation of the financial industry
Gross value added of financial
corporate business EU27
Gross value added of financial corporate
business/ in the country vs whole
Gross value added of financial
corporate business EU 27
Insurance premiums
collection and asset
managementcountry insurance
premiums collection vs EU 27
insurance premiums
collection whole market
host country asset management vs
EU asset management whole market
Financial business labour market
total employed in the financial
sector vs country labour market
10
(A) The European impact: the pondering system
European impact
Local banks asset relevance vs.EU27 total asset
Local insurance premium market and % of EU27 value added of financial services
Number of employees in the financial sector
High More than 10% total EU27 asset
More than 10% EU 27 insurance premium marketMore than 15% EU27 financial sector value added
More than 1.000.000
Medium Between 5% and 9%
Between 5% and 9% EU27 insurance premium marketBetween 10% and 14% EU27 financial sector value added
Between 1.000.000 and 500.000
Low Less than 5% Less than 5% EU27 insurance premium marketLess than 10% EU27 financial sector value added
Less than 500.000
11
(A) Country bank assets (2011 data)
Germany18%
UK21%
France18%
Italy9%
Spain8%
Sweden2%
Finland 1%
Poland1%
Other countries
EU2722%
12
(A) Premium market share (2011 data)
UK24%
France24%
Germany 22%
Italy14%
Spain8%
Sweden4%
Finland3%
Poland1%
13
(A) The labour market share (banks and other interm. empl. in black; insurance empl. in orange, other activities auxiliary to intermediation empl. in yellow)
GERMANIA REGNO UNITO
FRANCIA ITALIA SPAGNA POLONIA SVEZIA FINLANDIA0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
Germany UK France Italy Spain Poland Sweden Finland
14
(A) INDEX OF ISTITUTIONAL REPRESENTATION OF THE FINANCIAL INDUSTRY SECTOR
UK GERMANY FRANCE ITALY POLAND SPAIN SWEDEN FINLAND0
10
20
30
40
50
60
70
DOMESTICEUROPEANTOTAL
15
(B) The survey on new ways of representation of financial industry
(FFFS and FeBAF are considered also in research A)
159
1317
16
(B) The survey on new ways of representation of financial industry
Respondent Organizations Country
City of London United Kingdom
Federation of Finnish Financial Services (1) Finland
Federazione delle Banche, delle Assicurazioni e della Finanza (1)
Italy
Frankfurt Main Finance Germany
Luxembourg for Finance Luxembourg
Munich Financial Centre Initiative Germany
Paris Europlace France
Scottish Financial Enterprise United Kingdom
Spain Financial Centre Spain
(1) considered also in research A
17
(B) Legal status (percentage of respondents)
public13%
private limited company/GEIE
38%
no profit associ-ation50%
18
(B) Partnership (percentage of respondents)
all eco-nomic
systems25%
financial industry and services only
50%
public in-
volve-ment25%
19
(B) Organization and budget (key figures)
150.000 euro 3 empl.
1.000.000 euro10 empl.
10.000.000 euro50/60 empl.
20
(B) Key interests
CMU, Financial regulation and
structural reform
Financial local
market promotio
n stability
and growth
Data protection and digitalization
Int. relations
21
(B) Permanent representation in Brussels or in extra EU countries
NO YES0
1
2
3
4
5
6
7
8
22
(B) Relevance of lobbying activities (number of answers)
More than 50% 50% Less than 50%0
1
2
3
4
5
6
23
(B) Relevance of lobbying activities (areas by nr. of answers)
Domes
tic
Euro
pean
leve
l
Inte
rnat
iona
l
No lo
bby
activ
ity0
2
4
6
8
24
(B) Interest in permanent coordination (number of answers)
Yes Only for selected items
No0
1
2
3
4
5
6
7
8
25
Key remarks
The growing role of financial industry in country and EU exit strategies calls for an increase of the domestic and European index of representation
The domestic index could be increased enlarging the base of representation both vertically (major number of financial industry companies represented) and horizontally (new forms of representation)
The European index will increase if new forms of networking are conceived
The new forms of representation could be hardly classified but the opportunity of a networking is positively accepted by respondents
26
THANK YOU
This presentation is avalaible here
http://www.researchgate.net/profile/Luciano_Monti/publications
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