trending Market Intelligence /marketintelligence/en/news-insights/trending/nd7ry6ksy-5vnyxcahedyq2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

ECB president calls for deeper banking union, new eurozone 'fiscal instrument'

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments


ECB president calls for deeper banking union, new eurozone 'fiscal instrument'

European Central Bank President Mario Draghi called for the eurozone to deepen its banking union and create a new fiscal "instrument" to help absorb shocks, lending public support to calls for greater European economic unity backed by France.

"Public risk-sharing through backstops helps reduce risks across the system by containing market panics when a crisis hits," Draghi said in a speech at the European University Institute in Florence, Italy, calling for the completion of a banking resolution framework and a European deposit insurance scheme.

"A strong resolution framework ensures that, when bank failures do happen, very little public risk-sharing is actually needed as the costs are fully borne by the private sector."

Draghi also called for fiscal measures to share the burden of any future crisis across the economically disparate bloc.

"We need an additional fiscal instrument to maintain convergence during large shocks, without having to over-burden monetary policy. Its aim would be to provide an extra layer of stabilization, thereby reinforcing confidence in national policies," Draghi said, while acknowledging that such an instrument would not be easy to design.

"It is not legally simple because such an instrument should be consistent with the treaty. And, as we have seen from our longstanding discussions, it is certainly not politically simple," Draghi said.

"But the argument whereby risk-sharing may help to greatly reduce risk, or whereby solidarity, in some specific circumstances, contributes to efficient risk-reduction, is compelling in this case as well, and our work on the design and proper time frame for such an instrument should continue."

Draghi's statements came as France presses for eurozone reforms to pool more risks, ahead of a meeting of European leaders in June. The proposals have met with a tepid response from Germany, which has traditionally opposed measures which it fears could force the bloc's richer countries to pick up the debts of weaker members such as Greece.