Defending the ECB’s push to raise interest rates, bank president Christine Lagarde said there was no trade off between fighting inflation and keeping the banking sector stable
The European Central Bank reassured European Union leaders on Friday that euro zone banks were safe but called on them to push on with an EU deposit insurance scheme, officials said.
“The euro area banking sector is strong because we have applied the regulatory reforms agreed internationally after the Global Financial Crisis to all of them,” she said, adding that the ECB’s “toolkit” was fully equipped to provide liquidity to the system if needed.to stamp out high inflation at a time of turbulence in the financial sector, Lagarde said there was no trade off between fighting inflation and keeping the banking sector stable.
She also called for a Capital Markets Union in Europe to give companies, now relying mainly on bank loans, better access to funds at a time when they have to compete with China and the United States in “green” technologies to fight climate change.
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