ECB Governing Council member Pablo Hernandez de Cos warned that the European financial system remains fragile and fragmented because of “the doom-loop between sovereigns and banks.”

He added, “investment portfolios are not well diversified and investment opportunities are lost as these may not always be matched with savers’ funds.

He also emphasized the need to strengthen European regulations. “As European markets become more integrated and technologically complex, this is becoming a more essential element that policy-makers need to address,” he said.

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