There was much ado about the SFC’s Report – and the results have lived up to expectations. I am very proud of that. The SFC, which is made up of experienced practitioners, has created a new benchmark. This is the result of a real commitment, a commitment evident in the time invested and in the care taken with the contents of the report. The impressive result also reflects the efforts made in terms of listening and gaining a mutual understanding, which allowed us to arrive at recommendations that enjoy the support of all involved.
The SFC’s recommendations are geared towards implementation. Now it is up to the German government to make the most of the report and translate it into specific policies. The German government should really take on board the message that measures regarding the financial market and, in particular, robust reporting and forward-looking corporate governance will determine whether the financial sector is best positioned in the Great Transformation.
If we want to ensure that Germany and Europe can compete with the U.S. and with China, we must finance the economic innovations today that will leave us well-positioned on the global market tomorrow.