BRUSSELS - The
collapse of the Silicon Valley Bank
in the United States "underlines the importance of Europe continuing to
make progress on the banking union
".
Paschal Donohoe
, president of the Eurogroup, the coordination of finance ministers of the Eurozone,
told the Financial Times .
Speaking after the Credit Suisse
stock crash
, Donohoe said "none of us can ever be absolutely sure where the next risk might come from."
The "biggest antidote" is to speed up work to
strengthen EU rules for dealing with insolvent creditors
.
Brussels, recalls the Financial Times, has been working on a crisis management bill for banks that would guarantee more consistent treatment of lenders who find themselves in trouble, reducing the risk of drawing on public funds.
Legislation was expected earlier this month but has been delayed.
After the collapse of Silicon Valley Bank according to the newspaper, they would like it to be presented as soon as possible.
Last year, the Eurogroup suspended plans for a banking union over disagreements between member states over the idea of a common euro area deposit insurance scheme, deciding instead to focus on a narrower target on the deposit insurance regime. failing banks.
"Now is the time to move forward with that work," Donohoe said.
