EBF members ready to play role in eurozone crisis solution – Nordea boss says

Christian Clausen, Nordea president and group CEO speaking at the Nordic bank’s Capital Markets Day in London, said that members of the European Banking Federation were preparing to accept a cost of up to €100bn as their part in rescuing the eurozone.

The industry is looking to be a part of a responsible part of the solution, Clausen said.

The comment came ahead of this evening’s crunch meeting in Brussels between heads of government to agree a solution to the currency union’s sovereign debt crisis.

The EBF stated on 13 October that it was looking for a “coordinated solution” but that in the words of Guido Ravoet, chief executive of the EBF, “we do not see the proposed recapitalisation of European banks as central to the solution. European banks recently made a call to European governments to make clear commitments for stronger governance and budgetary discipline in the European Union. We have already asked for immediate clarity and decisive action and we hope that the upcoming Summit of 23 October will help find viable solutions,”.

That Summit failed to produce a positive outcome, as discussions stalled. This evening, 26 October is meant to produce a final, acceptable political commitment to solving the crisis. German chancellor Angela Merkel is reported to have told German parliamentarians that failure to find a solution could threaten the stability enjoyed by the Continent for the past half Century.

 

 

 

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