If the EU rules on bail-ins - where
investors shoulder the burden of banking failures - contribute
to worsening the crisis they should be revised, Bank of Italy
Governor Ignazio Visco said Thursday. He also said banks needed
"a network of public security, a transnational backstop" on
systematic risks and contagion. Banks are not supermarkets,
where the failure of one is not passed on to another, and there
is a considerable risk of contagion, he said. Visco was speaking
at a so-called 'State of the Union' conference in Fiese just
outside Florence organised by Premier Matteo Renzi.
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