Bank mergers key to stronger euro zone: French finance minister

  • 📰 Reuters
  • ⏱ Reading Time:
  • 65 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Mergers in Europe's fragmented banking sector are necessary to make the sec...

BUCHAREST - Mergers in Europe’s fragmented banking sector are necessary to make the sector more resilient as the euro zone seeks to protect itself from future crises, France’s finance minister told Reuters in an interview.

“I consider that today European banks are still too fragmented and we need banking consolidation,” Le Maire said in Bucharest, where he was attending a meeting of EU finance ministers. Le Maire, who has attended some of France’s most prestigious schools and held numerous senior posts in government, said the euro zone needed to finalize in coming months plans for a backstop for banks saddled with bad loans, and better integrate capital markets notably by agreeing to harmonize insolvency laws - a sensitive issue for some countries.

Le Maire also wants the euro zone to quickly thrash out plans for a shared budget aimed at encouraging convergence among the euro zone’s economies. In particular, details on its governance and how it sits in relation to the broader EU budget remain to be hammered out.“The euro zone will not survive growing economic divergences between member states. We have to equip ourselves with the instruments to reduce the divergences,” he said.

With EU parliament elections due in May, the staunchly pro-Europe minister weighed into the debate about the future of the Union this week with a book warning that Europe must guarantee it does not fall behind China and the United States on technological progress, or risks being dominated by them.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Fiscality can emerge.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

First Abu Dhabi Bank, Abu Dhabi Islamic Bank deny merger talksAbu Dhabi Islamic Bank and First Abu Dhabi Bank denied on Thursday they were in ... Just-like, their(I-SLAMic)-sects .
Source: Reuters - 🏆 2. / 97 Read more »

ECB will ask Deutsche Bank to raise fresh funds for merger: sourceThe European Central Bank will ask Deutsche Bank to raise fresh funds before it ... Douche Bank Anche perche' il Bundestag ha detto che i contribuenti non dovranno cacciare un centesimo... Call in the trump chips
Source: Reuters - 🏆 2. / 97 Read more »