3/16, 9:34 AM (Source: TeleTrader)
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Scholz: EU needs banking union

German Chancellor Olaf Scholz remarked on Thursday that the European Union must work to complete its banking and capital-market union, as well as to ease country-level regulations, in an effort to avoid repeated and prolonged crises in the sector.

"Our competitiveness is the prerequisite for economic success," Scholz told Bundestag ahead of the European Council's next meeting in Brussels on March 23 and 24. "And our competitiveness is the prerequisite for Europe's future as a geopolitical actor."

Earlier, following Silicon Valley Bank's (SVB) collapse, Scholz insisted Germany should not be concerned over the crash, saying that "[w]e have made significant progress compared to the situation during the financial crisis in 2008–2009." However, the event led to mayhem in the sector, with Credit Suisse Group AG among the most affected.

Baha Breaking News (BBN) / JR