ECB Vice President Luis de Guindos said recent economic data showed that economic recovery is losing momentum. He noted that EU countries are being hit by second wave of the coronavirus pandemic. But it “doesn’t look like countries want to impose strict lockdowns such as seen in March.”
He also said mergers can improve banks’ profitability. “Removing cost excesses, over-capacity is more necessary than it was before the pandemic. Consolidation is a tool, it is not a goal in itself, but can be helpful in cost savings, in removing over-capacity.”
