French FinMIn Le Maire: Eurozone is not sufficiently armed to face a new economic/ financial crisis

Dhwani Mehta FXStreet

French Finance Minister Bruno Le Maire told a French daily, Le Parisien, on Sunday, he doesn’t see any risk of contagion from Italy’s budget crisis in the European Union (EU), Reuters reports.

Additional Comments:

“We do not see any contagion in Europe. The European Commission has reached out to Italy, I hope Italy will seize this hand,”

“But is the Eurozone sufficiently armed to face a new economic or financial crisis? My answer is no. It is urgent to do what we have proposed to our partners in order to have a solid banking union and a Eurozone investment budget.”

French banks with branches in Italy had issued corporate and household loans totaling 280 billion euros ($319 billion).

“This sum is manageable but substantial.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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