The US banking crisis has added urgency to EU plans for tightening rules on dealing with failing lenders, according to senior Brussels policymakers, as officials push to deliver proposals this spring.
The collapse of Silicon Valley Bank in the US “underscores the importance of Europe continuing to make progress on banking union”, Paschal Donohoe, president of the Eurogroup of eurozone finance ministers, told the Financial Times.
Speaking as shares in Credit Suisse fell almost 30 per cent after its leading shareholder ruled out providing the Swiss bank with more capital, Donohoe said “none of us can ever be absolutely sure about where the next risk can come from”.