Eurozone banks are in good shape and are not directly linked to Silicon Valley Bank (SVB), Eurogroup President Pascal Donahue said during a press conference in Brussels.

The collapse of the SVB bank in the US was discussed at today’s Eurogroup meeting. “We will continue to monitor the situation closely,” said Pascal Donahue, noting that the problems are related to the specific business model of SVB, but the picture in Europe is very different. He added that banks in Europe are generally in good shape because they have strengthened strongly in recent years, are under close supervision by national and European authorities, and in accordance with the rules of the Basel Committee on Banking Supervision, EU rules apply to all banks in Europe. .

“There is no direct impact on the SVB, but it is a reminder to us that a shock to the banking system can happen at any moment, so it is important to ensure the resilience of our banking system,” said the President of the Eurogroup.

For his part, Economic Commissioner Paolo Gentiloni said that the eurozone economy this year is in slightly better shape than expected (a few months ago), but stressed that uncertainty remains very high.