German Chancellor Olaf Scholz was joined at an EU summit by fellow eurozone leaders in meeting Christine Lagarde , Head of the European Central Bank ( ECB ), to discuss concerns about European banking ’ s stability following the collapse of Silicon Valley Bank and the takeover of Credit Suisse .

For Scholz , stringent rules and regulations imposed in the EU have kept “ the banking system stable ” and , despite the fact his native Deutsche Bank saw shares tumble 14 % at one point in March 2023 , there is “ no cause for concern ”. Whether a tactic to allay market fears or a genuine assessment , Scholz ’ s words were backed by a summit consensus that the European banking system remains safe for now .

Image credit : European Union

14 June 2023