IMF Lagarde Urges Quick EU Bank Union

The head of the International Monetary Fund has called for a proposed European banking union to be completed quickly.

Speaking at a conference in Paris, Christine Lagarde described the euro area as a “beautiful ship” but said it was not ready to sail in rough waters.

The banking union project is designed to prevent a repeat of the global banking crisis.

It could include a single banking supervisor, and pool national resources to rescue banks.

“We very much think of the euro area as a beautiful ship that has been built, nurtured… for the soft seas, but which is not yet completely finished for the rough ones,” Ms Lagarde told delegates.

“A lot has been done in relation to banking union. If I have a message today it is that that particular part of the ship needs to be finished, needs to be completed and speed is of the essence.”

via BBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.