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Eurozone banks resilient to recent stress; non-banks need a policy response, ECB says

( May 31, 2023, 13:38 GMT | Official Statement) -- MLex Summary: Eurozone banks have proved largely resilient to recent market shocks around the failures of Credit Suisse in Switzerland and Silicon Valley Bank in the US, the European Central Bank has said in its twice-yearly report on the EU's financial stability. However, it is "essential" to complete the bloc's banking union and set up a eurozone-wide deposit insurance scheme, the report says. The ECB also said a "comprehensive and decisive policy response" is needed to address vulnerabilities in the non-bank financial sector, to offset risk and to boost trust. Statement follows. Full report can be found here....

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