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Second Day Of Summit To Focus On Banking Sector Concerns

EUROPEAN COUNCIL

EU member state leaders are meeting for the second day of the European Council summit today, with discussions set to focus on encouraging confidence in the EU banking sector following market turbulence in the wake of the collapse of SVB and Signature Bank in the US and the UBS takeover of Credit Suisse in Switzerland.

  • ECB President Christine Lagarde will update leaders on the state of the eurozone banking sector. Eurogroup President Paschal Donohoe stated that “I am very confident in the amount of liquidity and resilience that our banking system have built up. What we’ve done in the past, we can see the value of it now, and we need to continue with a steady approach.”
  • Politico reports that according to a draft statement it has seen, EU leader will state that, "...our banking sector is resilient, with strong capital and liquidity positions....[we] call for continued efforts to complete our Banking Union in line with the Eurogroup statement of 16 June, 2022.”
  • Livestream of leaders' doorstep comments:https://audiovisual.ec.europa.eu/en/ebs/live/1
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