ECB Governing Council member Pierre Wunsch does not expect a repeat of the 2008 financial crisis despite turbulence caused by the collapse of Silicon Valley Bank, arguing European banks were subject to tougher rules than regional U.S. banks.
was forced to tap $54 billion in central bank funding, raising questions about other weaknesses in the financial system.
"If you look at the Belgian banks, they are more solid than the average of European banks. That's why it is very hard to imagine a repeat of the financial crisis". "It is important to make a distinction between Europe, where banks are subject to certain rules, and the U.S. - with Credit Suisse, in my opinion, being a case apart," he noted.
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