BRUSSELS, March 24 — The European Central Bank (ECB) is likely to reassure European Union leaders on Friday that euro zone banks are safe after market turbulence caused by Swiss...
BRUSSELS, March 24 — The European Central Bank is likely to reassure European Union leaders on Friday that euro zone banks are safe after market turbulence caused by Swiss and US banks, but call on them to push on with an EU deposit insurance scheme, officials said.
ECB President Christine Lagarde will present to the leaders the economic and financial stability situation of the 20 countries sharing the euro and likely face questions about ECB plans for more interest rate rises to fight inflation. “He is likely to say that overall banks are in good shape, they have good capital liquidity buffers, although there is no room for complacency as we have seen from the banking turbulence,” a second official said.
The Banking Union is already two-thirds complete. The EU has set up a single supervision of the euro zone’s top banks in the hands of the ECB and a single resolution authority with a special fund to resolve failing lenders.
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