BRUSSELS, March 24 ― The European Central Bank (ECB) reassured European Union leaders today that euro zone banks were safe but called on them to push on with an EU deposit...
BRUSSELS, March 24 ― The European Central Bank reassured European Union leaders today that euro zone banks were safe but called on them to push on with an EU deposit insurance scheme, officials said.
Deutsche Bank shares fell for a third day, dropping more than 12 per cent after a sharp jump in the cost of insuring its bonds against the risk of default. Defending the ECB's push to raise interest rates to stamp out high inflation at a time of turbulence in the financial sector, Lagarde said there was no trade off between fighting inflation and keeping the banking sector stable.
She also called for a Capital Markets Union in Europe to give companies, now relying mainly on bank loans, better access to funds at a time when they have to compete with China and the United States in “green” technologies to fight climate change.
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