Guindos Says European Approach Tops National One on Bank Mergers

(Bloomberg) -- European Central Bank Vice President Luis de Guindos highlighted the virtues of European banking consolidation.

Speaking in an interview with Italian news agency Ansa published on Tuesday on the ECB website, he said:

“If you want a single banking market, you need to have genuine pan-European banks. This is why cross-border consolidation of the banking sector is important.”
- “I don’t discuss the merits of individual cases, but in my view, a European approach should prevail over a national one. That’s the way forward for European integration.”
- “This principle has to be consistent from all angles and in all kinds of situations. In my opinion, a pro-European approach to the integration of the economy, the banking system and the capital markets should be the one that prevails for all the items under discussion, including ESM reform. Ratifying the reformed ESM Treaty would be a clear pro-European decision.”
For full interview, click here
Read more: UniCredit Taps Jefferies for Commerzbank Hedge, Optionality