After the Svb crash, the Eurogroup reassures Europe’s solidity, awaiting the response from the ECB

Brussels. “Calm down and look at reality!”, was the appeal to investors of the French Minister of Finance, Bruno Le Maire, while European banking stocks sank following the default of Silicon Valley Bank (SVB). Before a Eurogroup, Le Maire and colleagues reassured the solidity of the European system. “French banks are not exposed,” Le Maire said. “I have no information to suggest that there is exposure,” explained the Spaniard Nadia Calvino. “I have faith in Germany’s economy,” he said Christian Lindner. Irish only Michael McGrath he acknowledged that there could be an “impact”. But everyone insisted that, after the financial and sovereign debt crisis, European banks are better capitalised, regulated and supervised.