The Co-CEO speaks at a media breakfast hosted by the Association of German Banks in Washington DC
The banking union agreed by European states will strengthen the Eurozone and make the European financial market more stable in the foreseeable future, said Co-Chief Executive Officer Jürgen Fitschen at a media breakfast hosted by the Association of German Banks in Washington DC today, on the occasion of the annual meeting of the World Bank and International Monetary Fund.
Speaking in his capacity as President of the Association, Fitschen asserted that a unified resolution and recovery mechanism, designed according to European standards, was an important next step. Nonetheless, Fitschen told his audience that it was still too early to implement a pan-European deposit guarantee scheme. “The conditions are not yet right for that,” he noted.
The past five years had shown the importance of regulation, Fitschen noted, adding that consistency of regulation was very important. Regulation based on principles commonly agreed across both Europe and the US was essential, he added.
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