Banking Crisis on the Path to Resolution: ECB Welcomes Credit Suisse Deal

The European Central Bank stated on Sunday that the rescue of Swiss bank Credit Suisse was necessary to restore calm in financial markets and that it remains ready to support Eurozone banks with loans if needed. ECB President Christine Lagarde, in a statement, said, "I welcome the swift actions and decisions made by the Swiss authorities. They were essential to restore regular market conditions and ensure financial stability." She added, "The banking sector in the Eurozone is resilient, with strong capital and liquidity positions. In any case, we have tools ready to provide liquidity support to the financial system in the Eurozone if necessary and to maintain a smooth transition of monetary policy."