ECB's Tumpel-Gugerell on global financial markets

In the speech 'Global Financial Markets 2015: looking ahead' given on 28 October, Gertrude Tumpel-Gugerell of the ECB said more cross-border consolidation is needed in the European banking sector, to take advantage of increasing financial integration.

'If the financial sector is to reap these growth benefits, it is essential that it embraces the opportunities that integration offers,' she said in the speech.

Tumpel-Gugerell said banks which fail to expand could themselves become takeover targets.

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