Stronger banks necessary in EU says Gentiloni

'No European bank among 10 or 20 top global banks'

By: ansa.it

Oct 07 2024
0
4 Views

Stronger banks necessary in EU

Outgoing European Economy Commissioner Paolo Gentiloni on Monday said stronger banks are necessary, especially in the EU, explaining ahead of a Eurogroup meeting that he did not want to discuss the specific case of UniCredit and German lender Commerzbank. "Speaking in general, we obviously need stronger banks, especially in Europe, where the role of lenders in financing the real economy is much stronger than in the United States, and we don't have a European bank among the top 10 or 20 global lenders", he noted.
    Italy's second-largest bank UniCredit last month announced it was raising its stake in Commerzbank, sparking talk of a potential takeover. And commenting statements made earlier last week by Italian Economy Minister Giancarlo Giorgetti , who said the cabinet would be "approving a budget that will require sacrifices from everyone", Gentiloni said the words were "inspired by necessary caution" and by an "effort shared by the Commission, provided caution does not imply foregoing reforms and investments".
    "The two things can be kept together by the effort of the past few weeks that the Commission asks from all countries, including Italy".