11/30/2023, 3:25 PM (Source: TeleTrader)
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Lagarde: We have a strong banking sector in Europe

European Central Bank President Christine Lagarde stated on Thursday that despite the interest rate increases, the bloc had a strong banking sector, also because of the role played by the Single Supervisory Mechanism.

"We have a strong banking sector in Europe. It has transformed from a shock propagator into a shock absorber. And under European supervision, banks are now more alert to new risks that may lie around the corner," Lagarde said in a speech at the 5th ECB Forum on Banking Supervision in Frankfurt, Germany.

During her speech, Lagarde praised the implementation of single supervision of monetary policy, especially during the last few years of economic uncertainty. She added that, as a result, the bloc's monetary policy had been more effective in supporting the banking system and stabilizing inflation.

Baha Breaking News (BBN) / JG