Eurogroup Chair Urges Larger Banks to Rival US and China
Eurogroup chair Kyriakos Pierrakakis says the EU needs larger banks to compete with US rivals. He urged more cross-border mergers and unified market supervision.
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Eurogroup Chairman Kyriakos Pierrakakis called for the creation of large-scale European banks to rival competitors in the United States and China. The push for "European champions" comes as national politics continue to stall cross-border mergers within the 27-nation bloc. Investors face a fragmented banking landscape where the largest EU lender remains a fraction of the size of American peers.
