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Christine Lagarde reaffirms the resilience of the banking system to EU leaders


Equity markets fell on Friday in Europe, weighed down by banking stocks, as concern spreads about their state of health.

European Central Bank (ECB) President Christine Lagarde on Friday reaffirmed the strength of the euro zone's banking system to EU leaders meeting at the summit, as fears of a financial crisis sent markets tumbling on Friday.

The eurozone banking sector is resilient because it has strong capital and liquidity positions

,” Christine Lagarde told European Union (EU) heads of state and government in Brussels, according to a European manager.

German Chancellor Olaf Scholz wanted to be reassuring about the state of health of Deutsche Bank, the first German bank, in sharp fall on the Frankfurt Stock Exchange.

Deutsche Bank has fundamentally modernized and revamped its business model and is very profitable.

There is no need to worry about anything

,” he said after the summit.

The banking system is stable in Europe

,” he insisted.

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“Progress in completing the banking union”


The fundamentals of European banks are solid (...) The euro zone is the zone where the banks are the most solid

," said French President Emmanuel Macron.

Christine Lagarde stressed that the euro zone had "

applied to all institutions the regulatory reforms agreed at the international level after the global financial crisis


Recent events remind us how important it was to continually improve these regulatory standards.

We must now make progress in completing the banking union

,” she said during the meeting with the leaders, again according to reports.

Additional efforts are also needed to create truly European capital markets

,” said Christine Lagarde.

She repeated her words of the last days.

There is no compromise between price stability and financial stability.

Our toolbox allows us to deal with the risks that weigh on both

,” assured the President of the ECB.

As far as financial stability is concerned, the ECB has all the necessary tools to provide liquidity to the eurozone financial system, if necessary

,” she said.

Equity markets fell on Friday in Europe, weighed down by banking stocks, as concern spread over their health after the failures of three regional banks in the United States and the rescue of Credit Suisse.

The sharp rise in the cost of default risk insurance (CDS) is fueling concerns about the resilience of European banks.

Source: lefigaro

All news articles on 2023-03-24

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