Financial Times
October 11, 2011
The European banking sector is under extreme stress. As fears grow about the sustainability of Greek public finances, banks with large exposures to Greek bonds are under increasing pressure. The situation is not beyond recourse, however. Through co-ordinated European and national policies, progress can and will be made.
The immediate need to strengthen the fiscal position in some euro-countries should be handled primarily in the eurozone. But the banking crisis requires a common solution for the entire European Union. The single market, including the common and integrated market for financial services, is a core achievement of the EU. Only an EU-wide legal and institutional framework can make markets work in the interest of all Europeans. We have a European, not a eurozone banking system. So we need to find a European solution.
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