According to the European Commissioner for financial services, Mairead McGuinness, the collapse of the U.S. bank Silicon Valley Bank has so far had limited impact on the European Union . However, in her March 15 remarks before the EU parliament, McGuinnessthe region’s authorities should “stay alert” to the unfolding events in the international markets.
McGuinness also revealed that the European Commission is currently monitoring the banking situation in the United States and that it hopes to learn important lessons. “The direct impact on the European Union seems to be limited but we should reflect on whether there are lessons to be learned for the European Union’s banking sector,” the commissioner told the EU parliament.Prior to McGuinness’ remarks on the impact of SVB’s collapse on the EU, an unnamed spokesperson for the European Commission was quoted in a Reutersstating the bank had an insignificant presence in the region, hence the limited impact.
However, despite McGuinness’ reassuring remarks, stocks of Europe’s largest banks still plunged by as much as 10% on the same day. The stocks were dragged down by Credit Suisse, Switzerland’s second-largest bank, whose shares hit an all-time low after the group’s main shareholder, the Saudi National Bank, said it could no longer bail out the beleaguered entity.
Credit Suisse, should have been gone since 2008, along with other corrupt banks, but the Govs are letting them get away. Thats is good for crypto in the long run.
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