Central Banking

ECB's Tumpel-Gugerell on euro payments area

European Central Bank executive board member Gertrude Tumpel-Gugerell said foreign banks will take the leading role in restructuring the European banking sector if domestic banks move too slowly to create a single eurozone payments area.

"At the moment, European banks are in the driving seat. If they are too slow, global competitors and not European banks themselves will bring about consolidation and restructuring in Europe's banking sector," she said in an article in the Financial Times.

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