ECB’s Constâncio stresses need for banking union
Vítor Constâncio, vice-president of the European Central Bank (ECB), on September 7 outlined how a banking union can ensure the success of the European Monetary Union.
Speaking at the Duisenberg School of Finance opening ceremony in Amsterdam, Constâncio stressed the need to reverse the fragmentation of markets along national borders. Financial institutions must have assets and liabilities diversified across countries in the eurozone for monetary policy to transmit effectively, he said.
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