The exposure of Italian banks to
government bonds has doubled, from about 200 billion euro
pre-crisis to the current 400 billion euros, a member of the
supervisory board of the European Central Bank (ECB) said
Tuesday.
Ignazio Angeloni told an Italian Senate hearing that the
level of risk and interconnection between sovereign bonds and
banking is also "true at European level...and it must be
addressed at the international level, by the Basel Committee".
That committee deals with financial stability issues.
Angeloni said that it was important Italy and other
eurozone countries adopt "without delay" a European Commission
directive on a single resolution mechanism on banking issues
related to failures and access to a resolution fund.
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