6/7, 10:21 AM (Source: TeleTrader)
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De Guindos: Eurozone passed real-life stress test

Referring to the recent commercial banking crisis in the United States and Switzerland, European Central Bank (ECB) Vice President Luis de Guindos said on Wednesday that the Eurozone "passed a real-life stress test," demonstrating the resiliency of its financial system.

He called for completing the banking and capital markets union projects as such moves would have, in his opinion, made "turbulence and contagion" from outside the euro area "far more muted."

"An incomplete banking union is a key vulnerability for the EU banking sector and hampers progress towards greater financial system integration," especially when it comes to deposit insurance, de Guindos warned in a speech delivered at a conference in Brussels.

Baha Breaking News (BBN) / MS