Trichet calls for banking consolidation in Europe

European Central Bank President Jean-Claude Trichet on Wednesday called for further consolidation in the European banking sector and said that cross-border tie-ups were likely to accelerate in future.

"Several EU countries are still faced with excess capacity in their banking systems that will have to be further reduced over time," Trichet told a savings banks congress.

"Likewise, cross-border consolidation might acceleration as merger and acquisitions pick up again following improved market c

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