Outgoing European Economy Commissioner
Paolo Gentiloni on Monday said stronger banks are necessary,
especially in the EU, explaining ahead of a Eurogroup meeting
that he did not want to discuss the specific case of UniCredit
and German lender Commerzbank.
"Speaking in general, we obviously need stronger banks,
especially in Europe, where the role of lenders in financing the
real economy is much stronger than in the United States, and we
don't have a European bank among the top 10 or 20 global
lenders", he noted.
Italy's second-largest bank UniCredit last month announced it
was raising its stake in Commerzbank, sparking talk of a
potential takeover.
And commenting statements made earlier last week by Italian
Economy Minister Giancarlo Giorgetti , who said the cabinet
would be "approving a budget that will require sacrifices from
everyone", Gentiloni said the words were "inspired by necessary
caution" and by an "effort shared by the Commission, provided
caution does not imply foregoing reforms and investments".
"The two things can be kept together by the effort of the past
few weeks that the Commission asks from all countries, including
Italy".
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