The Supervisory Board of the European Central Bank (ECB) meets this morning in Frankfurt in an extraordinary meeting to analyze the turbulence suffered by the financial markets in Europe, as confirmed by sources from the institution. The meeting, which is being held in Frankfurt, comes after the institution chaired by Christine Lagarde assured that it is “prepared” to offer all the necessary liquidity to the markets if necessary.
The turmoil in the financial markets marked the meeting of the Governing Council of the ECB on Thursday, which decided to go ahead with its plans to raise interest rates by half a point, to 3.5%, but which also opted for using a more moderate tone. In addition, the Eurobank decided not to reveal any of the movements it intends to make in the coming months in order to adapt to the vagaries of the markets.
The ECB repeated on several occasions that European banks are “solid” and “resilient”. But council members, many with political pasts, know how easy it is for a financial crisis to spread. For this reason, the Supervisory Board met this Friday with the aim of reviewing the lurch that the markets have experienced this week. “The Supervisory Board meets to exchange views and update members on recent events in the banking sector,” says a spokesperson for the entity.
The meeting, convened in an extraordinary way, is not expected to last. This type of meeting of the body chaired by the Italian Andrea Enria is common when the situation changes so quickly. In fact, it had already met at the beginning of the week, after the bankruptcies of Silicon Valley Bank and Signature Bank and the crisis of Credit Suisse, a bank located in the great traditional stronghold of world banking and at the gates of the euro zone. According to the Reuters agency, among the points being debated is the detection of vulnerabilities and controlling the liquidity that European banks may have.
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