The European banking sector has not been directly affected by turmoil in the wake of the collapse of Silicon Valley Bank, so the effects on credit will likely be smaller than in the United States, European Central Bank board member Isabel Schnabel said Wednesday.
“It looks like our banks look rather resilient. Overall, I would say it looks like we have a somewhat smaller problem than we’re seeing in the U.S.,” Schnabel said in a discussion at the National Association for Business Economics.
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