Bloomberg News

Trichet Says European Model of Universal Banking Not Bad Thing

October 24, 2011

Oct. 24 (Bloomberg) -- European Central Bank President Jean-Claude Trichet said Europe’s model of universal banking isn’t the primary weakness of the banking system.

Asked at a panel discussion in Berlin today about proposals to split up commercial and retail banks, he said policy makers had not drawn the “full conclusions” and that universal banks “don’t seem to be necessarily the main problem.”

“What counts are the rules you have to respect fully,” Trichet said.

To contact the reporter on this story: Gabi Thesing in London at gthesing@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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