Europe must form banking union and bolster banks, IMF says

03/18/2013 | Bloomberg · CNNMoney · Reuters · Wall Street Journal, The

The International Monetary Fund is urging Europe to begin developing a banking union and shore up financial institutions. "Risks remain elevated, especially in a context of low growth and fiscal retrenchment," according to the IMF. "Regulatory and policy uncertainty, and gaps in policy frameworks also continue to pose vulnerabilities. Further ambitious steps are thus necessary to rebuild confidence and achieve long-lasting financial stability in the region."

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