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Padoan says after great crisis, Europe now needs more growth

Econ minister says bank system needs simple resolution process

11 March, 15:21
Padoan says after great crisis, Europe now needs more growth (ANSA) - Brussels, March 11 - After the great economic crisis that has swept through Europe, more must now be done to encourage growth and recovery, Economy Minister Pier Carlo Padoan said Tuesday.

During a discussion on banking among European finance ministers, Padoan said it is time to move on from the sovereign debt crisis and subsequent recessions in Europe.

"(We) must ensure that Europe looks more to growth and consolidation after the great crisis that hit us," said Padoan, former chief economist of the OECD.

In terms of banking, he called for a "simplified" resolution process for managing troubled banks during crises periods.

A Single Resolution Mechanism has not yet been adopted by the European Parliament as debate continues over details such as financing and how much say individual states will have in shutting down troubled banks.

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