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Chancellor Scholz, optimistic forecast/ I see no risk of a new financial crisis in Europe

2023-03-18 10:26:00, Ekonomi CNA
Chancellor Scholz, optimistic forecast/ I see no risk of a new financial crisis
German Chancellor, Olaf Scholz

Strong government intervention on both sides of the Atlantic has failed to calm the banking sector recently, but German Chancellor Olaf Scholz does not believe that Europe can face a crisis.

"I don't see such a danger," the German chancellor told the German daily Handelsblatt.

Despite the billions of dollars that have been allocated by Swiss regulators, major bank Credit Suisse faced renewed pressure on the stock markets on Friday.

The banking supervisors of the European Central Bank have said that "the euro banking sector is stable".

Scholz has said that he does not expect consequences for the Germans, after the bankruptcy of the American Bank Silicon Valley, based in California, followed by financial problems at Credit Suisse.

"The deposits are safe," he told Handelsblatt.

"We are in a completely different period," he said, referring to comparisons to the 2008 financial crisis.

The financial crisis of 2008 started first in the United States and then spread to the world.

It has been recognized as the most serious financial crisis since the Great Depression./ REL

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