Feb. 27 (Bloomberg) -- European Central Bank Executive Board member Peter Praet said the euro area still lacks a mechanism to deal with crises in the banking sector.
“We still lack a European crisis management and resolution framework for systemically important banks,” Praet said during a speech in Berlin today. “There are as yet no funds earmarked or clear provisions to help in the recapitalization of big banks.”
“While a lot has already been achieved, some hard work remains ahead of us in order to secure fundamentally sound finances,” Praet said.
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