He said he was sure that there would not be a repeat of an economic crisis in Europe German Chancellor Olaf Scholzdownplaying the potential fallout from the turmoil caused by the “plunge” in Credit Suisse’s share price.

Mr. Scholz gave an interview to the financial magazine Handelsblatt, calling the comparisons with the collapse of Lehman Brothers in 2008 “unfounded”. “The monetary system is no longer as fragile as it was before the financial crisis. We are living in a completely different era,” said the German chancellor.

And he went on to say: “Both the legislator and the supervisory authorities of the banks have learned from the bankruptcy of the American investment bank in 2008, the regulations for the banks are today more strict. In addition, the authorities in the USA, Great Britain and Switzerland are now acting quickly and decisively.

Also, deposits are safe. Not only because of the greater resilience of the banking system and stricter rules, but also because of our financial strength”assures Soltz.

Need for change in the EU

Olaf Solz, however, noted the need for changes in the European Union, as “by the middle of this century there will probably be 10 billion people in the world, so the specific weight of the EU with its 400 million citizens will decrease. At the same time, the Union wants to be at the forefront of technological and economic development. To achieve this, we will need to further develop the internal market and finally implement the Banking Union and the Capital Markets Union.”