Europe’s leaders tried to calm investors as Deutsche Bank shares plunged and European markets were caught in further turmoil over the crisis in banking.
Scholz’s comments were echoed by the Dutch Prime Minister Mark Rutte as European leaders tried to stave off further investor panic.It was very unlikely that the euro zone would suffer a new banking crisis, Rutte told reporters after the summit.
Rutte said the single currency’s banking sector was far stronger than it was a decade ago, such as with capital buffers and stress tests, and the economy was stronger too. “I think that is very unlikely if you see how we have organised things in Europe,” he said, asked if he saw a repeat of the financial crisis. “It was a reaction to what happened then and that is different from the United States and Switzerland.”
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