Padoan says after great crisis, Europe now needs more growth
Econ minister says bank system needs simple resolution process11 March, 15:21
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.