February 7, 2018 / 1:47 PM / in a year

Eurogroup's Centeno urges completion of bank union

LISBON, Feb 7 (Reuters) - The euro zone must complete and deepen its banking union in order to reinforce the single European market, the chairman of euro zone finance ministers and Portuguese Finance Minister Mario Centeno said on Wednesday.

“The completion of the banking union and capital markets union will allow us to take a significant step in reinforcing the single market,” Centeno told a conference in Lisbon.

He said common regulation and supervision rules in Europe had already “produced positive effects on the European financial system, as is the case of the reduction of bad loans, so they should encourage us to move forwards in other areas”, especially on a common financial support structure. (Reporting By Sergio Goncalves, writing by Andrei Khalip, editing by Axel Bugg)

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