ECB Wants to Weed Out Smaller Banks To Take Total Control – 09.30.2017

 

  • Europe needs “brave banks” willing to conquer new territory.
  • The biggest financial problem in Europe these days is that it is “over-banked,” according to Daniele Nouy, Chair of the ECB’s Supervisory Board, and thus in charge of the Single Supervisory Mechanism, which regulates the largest 130 European banks.
  •  In a speech bizarrely titled “Too Much of a Good Thing: The Need for Consolidation in the European Banking Sector,” Nouy blamed fierce competition for squeezing profits for many of Europe’s banks while steadfastly ignoring the much larger role in the profit squeeze played by the ECB’s negative-interest-rate policy. ECB President Mario Draghi agrees.

Read more at:ECB Wants to Weed Out Smaller Banks To Take Total Control

Source: wolfstreet.com

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