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American bank failure: European finance ministers have spoken, there is no reason to panic

The banks of France and Belgium are safe from the effects of Silicon Valley Bank’s bankruptcy on Friday, Belgian Vincent Van Peteghem and French Minister Bruno Le Maire said at Monday’s meeting of Eurozone finance ministers.

We are monitoring the events minute by minute, there is no reason to assume that this would affect the Belgian banks

Van Peteghem said, adding that the European and Belgian financial regulatory systems work well enough to recognize the situation and help maintain trust in banks.

French Finance Minister Le Maire also said that he thinks the bankruptcy of SVB will have no effect on French banks, and investors should calm down. He also stated that they are constantly monitoring events, and the operating models of French banks such as BNP Paribas or Société Générale are fundamentally different from SVB’s systems.

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