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Seminars and Conferences

DECO SEMINAR | Banking Union: a step in favour of consumer interests?

21 Jan from 09:30 to 09:31
Aud. CGD | Quelhas


On 21st January, DECO will debate the implications for the Portuguese consumer of the European Commission's proposal to give the European Central Bank the role of single supervisor over the 6,000 or so banks within the Eurozone.

PROGRAMME (in Portuguese)

The seminar will take place from
09:30 to 17:30 in the
CGD Auditorium at ISEG, Lisbon. Among the experts participating will be António Almeida Henriques, Assistant Secretary of State of the Economy and Regional Development and Pedro Duarte Neves, Vice-Governor of the Bank of Portugal, as well as Vasco Colaço and Pedro Moreira of DECO, the Portuguese consumer rights association.

Failures in regulation and financial supervision were at the origin of the international crisis of 2008 which saw a drastic loss of confidence in banks and financial markets on behalf of the consumer, the effects of which are still visible today. Examples include the bankruptcy of lenders in the USA (Lehman Brothers e Bear Stearns) and Great Britain (Northern Rock), as well as state intervention, including in Portugal, to save the banking sector. 


The situation also affected countries whose national accounts were unbalanced, giving rise to the sovereign debt crisis. Ireland, Greece and Portugal were forced to accept financial assistance programmes. Recently, the future of the Euro and the European Union themselves have come into question.


To avoid making the same mistakes again, the European Parliament adopted a directive on creating a Banking Union at the heart of the Eurozone, which gives the European Central Bank the role of single supervisor over around 6,000 European banks. The directive grants full powers to the ECB over transnational banks, over those who request assistance or those whose position represents a risk for the entire sector.

Given the implications in a sector, such as banking, that is vital to the functioning of the economy, DECO believes a debate on the significance of such decisions for Portuguese and European consumers is relevant.

What are the benefits of the new regulatory/supervisory scheme for the Portuguese banking system and for Portuguese account holders?

What changes can consumers expect?

What is role of national regulators?

Can consumers expect an improvement in services and greater competition as a result of improvements in regulation and supervision?