The leaders of the European Union countries stated that the capital and liquidity conditions in the federal banking sector are strong and will withstand crises.4
The latest developments in the banking sector were assessed at the second day session of the EU leaders’ summit, called the “Euro Summit”, which was held in Brussels with the participation of heads of state and government of 27 EU member states.
In the summit statement issued at the conclusion of the meeting, it was indicated that the leaders discussed the economic and financial situation, and it was mentioned that economies entered 2023 better than expected despite high inflation and energy prices.
“We remain committed to maintaining close coordination of our economic policies to increase the resilience of our economies.” The statement stated that the finance ministers will closely follow the economic developments.
It was indicated in the text that a strong financial structure will contribute to attracting sustainable investments, supporting innovation and employment, and accelerating green and digital transformation.
Pointing out that the development of capital markets will contribute to the management of the overall economy, it has been noted that joint efforts will be intensified to push forward the union of capital markets.
The banking union has greatly enhanced the flexibility of the EU banking system. Our banking sector is resilient with strong capital and liquidity positions.” Data included.
Confirming that efforts will continue to complete the banking union, it was noted that progress in these areas will also be evaluated at the next summit.
European Central Bank President Christine Lagarde and Eurogroup President Paschal Donohue attended the meeting and updated the leaders on the latest developments.
The leaders exchanged views on the potential effects of bank failures in the United States and the banking crisis in Switzerland on the European Union.
After the banking crisis that started in the US in the past weeks, Credit Suisse has panicked in Europe.
The bankruptcy of Silicon Valley Bank (SVB) and Signature Bank in the United States of America, and the announcement that the National Bank of Saudi Arabia, the Swiss-based major partner of Credit Suisse, will not increase its capital in Europe, added to the uncertainty in the markets.
While the crisis of confidence in Credit Suisse sent shock waves through global financial markets, UBS announced on March 19 that it would buy Credit Suisse for 3 billion francs with the support of the state and the central bank.
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