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Pittella: 'European banking system is solid. No more excuses. Banks must now support growth'

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o-GIANNI-PITTELLA-facebookFollowing the publication of the European banks stress test carried out by the European Banking Authority, S&D President Gianni Pittella (pictured) said: “The European banking system is overall solid and financially in a good position. On this basis banks should now return to their original task of being and acting as a banks: provide economies with funds to support growth. This would enable entrepreneurs and private households to invest in the future.

“The stress test carried out by the European Banking Authority shows how important the ECB banking supervision mechanism is. Our group has been one of the main supporters of this. In the financial crisis in the eurozone banks were a key factor. Remaining weaknesses in the banking sector could hold back economic growth in some countries.

“The financial situation of the 24 European banks, which have failed to meet the stress test, raises concern to our group. However, we are confident that these banks will soon be ready to stabilize their financial situation”.

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