“More needs to be done. Full resolution of the crisis will require a further strengthening of the European banking system,” he told Congress, calling for a “significant expansion of financial backstops, or ‘firewalls’, to guard against contagion in sovereign debt markets.”
Strains in global financial markets “continue to pose significant downside risks”, he said but stopped short of criticising EU bank stress tests for banks. However, his comments reflect strong doubts in Washington over Europe’s strategy."
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