PM stresses ‘need to conclude EU banking union’ to reduce market risks

Portugal’s prime minister, António Costa, insisted today on the need to conclude the process of transferring responsibility for banking policy within the European Union from  national to EU level ‘in certain circumstances – known as banking union’  to ensure the stability of the sector and prevent a financial crisis similar to that of 2008, writes Lusa. “We (in Portugal) have always said that it is in times of calm that problems should be dealt with, take advantage of the sunny days to deal with the roof,” said Mr Costa, shortly before the start of a European Council meeting in Brussels. “This is not what has happened and now there are many clouds in the sky. We should waste no time and conclude this banking union dossier to help avoid any risk in the market.”