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(CEP News) - Austrian Central Bank Governor Ewald Nowotny said in an interview with Nachrichetn newspaper that he expects more bank mergers and failures in the coming months as the financial crisis continues to run though the European banking system.
As a consequence, the policy-maker reiterated calls for stricter regulation on banks and fund managers. His comments match those made throughout the day by other European policy-makers, who highlighted the downside effects of the financial crisis on the European economy. Nevertheless, European Central Bank President Jean-Claude Trichet continues to warn that the bank would aim for medium-term price stability in its monetary policy. By Erik Kevin Franco,
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, edited by Nancy Girgis,
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