IMF says Europe's banking sector still fragile
PARIS (AP) — Europe's banks are still fragile and the European Union has a way to go to make them stable, the International Monetary Fund said Friday in its first assessment of the continent's financial sector. The report said that, despite the progress made by the EU to repair its financial system, several challenges remain: banks are still struggling to get the loans they need to fund everyday operations, investors are still wary of European countries' debt and growth is stagnant on much of the continent. In Ireland, for instance, it was the government's attempt to rescue its troubled banking sector that forced the country into a bailout itself. In addition to the supervisor, the IMF calls on the EU to create quickly an authority that can close troubled banks and outline the circumstances in which the European bailout fund can directly lend money to banks. Reported by SeattlePI.com 18 hours ago.
PARIS (AP) — Europe's banks are still fragile and the European Union has a way to go to make them stable, the International Monetary Fund said Friday in its first assessment of the continent's financial sector. The report said that, despite the progress made by the EU to repair its financial system, several challenges remain: banks are still struggling to get the loans they need to fund everyday operations, investors are still wary of European countries' debt and growth is stagnant on much of the continent. In Ireland, for instance, it was the government's attempt to rescue its troubled banking sector that forced the country into a bailout itself. In addition to the supervisor, the IMF calls on the EU to create quickly an authority that can close troubled banks and outline the circumstances in which the European bailout fund can directly lend money to banks. Reported by SeattlePI.com 18 hours ago.