“Europe’s bank sector has grown too big and may need to shrink, possibly through mergers or failures (...) many banks in the euro area do not earn their cost of capital.” In other words, they are zombie banks, bankrupt and only kept alive by the liquidity flowing from the ECB. “It seems that there are too many banks competing for customers. (...) There is a good chance that the banking sector will indeed shrink.” Who makes such incendiary statements, which would panic millions of savers throughout Europe if they were broadcast by the mainstream media? Some doom and gloom prophet seeking fame? Some editorialist exaggerating a bit to make some noise and be heard? No, not at all. On the contrary, this is coming from a low-profile individual, very well informed, occupying a very high institutional position: Danièle Nouy, who is none other than the person in charge of banking supervision at the European Central Bank. This woman in charge of controlling the European banks’...
from GoldBroker.com https://www.goldbroker.com/news/bank-failures-europe-coming-soon-the-ecb-says-so-1207
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