Euro zone banks are turning away from cross-border activity, putting at risk the...
European Central Bank headquarters building is seen in Frankfurt, Germany, March 7, 2018. REUTERS/Ralph Orlowski
With national rules hindering cross-border consolidation, the euro zone bank sector remains highly fragmented, leaving lenders unable to compete with bigger and more efficient global peers. “Euro area-based banks have substantially reduced their cross-border claims since the crisis, and about 60% of banks’ total exposures are to their home countries,” de Guindos told a conference in Brussels.
De Guindos said potential solutions could include the creation of a European safe asset, a proposal already put on the table by the bloc’s risk watchdog but not discussed in substance due to German opposition.
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