European finance sector needs complete overhaul, says ECB's Praet

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The overhaul of the eurozone's financial architecture – including the establishment of a fully-fledged banking union – must be accomplished in its entirety, rather than through "selective mending", Peter Praet, a member of the executive board at the European Central Bank (ECB), told a conference in Brussels today.

Praet said preventing chaotic deleveraging was central to restoring European growth at a time when governments, firms and households are consolidating their balance sheets.

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