Worried about banking? Medina guarantees “solidity” of the financial market

Fernando Medina recalled that European financial markets are closely regulated and that they are “solid”. The finance minister addressed the issue that has been plaguing the financial markets this week, after the fall of two US banks,

“The financial markets have been monitored”, assured Fernando Medina, during the Council of Ministers this Thursday, March 16, when asked if he was concerned about the bank’s exposure to events in the United States. “The financial market is solid today”, he reinforced, in the same week in which he met with the finance ministers of the European Union.

“After the financial crisis, the rules were changed significantly, as well as the requirements of financial institutions. An effort was made towards financial reinforcement, a fundamental change on the supervision and regulation of the financial system at European level”, said the Minister of Finance.

Fernando Medina also recalled that Portuguese banks, along with their counterparts, are under the close supervision of the ECB and that European financial institutions have shown “solidity” in the face of the whole situation.