EU: Impact of Silicon Valley Bank's Bankruptcy on Us is "Limited"

European Commissioner for Financial Services Mairead McGuinness announced that the impact of Silicon Valley Bank's bankruptcy on the EU is limited. In a statement before the European Parliament, McGuinness said that the presence of Silicon Valley Bank in the EU is very minimal, so the direct impact of the collapse of these banks on the EU appears limited. However, its failure highlights the need for foreign banks that are subject to simpler regulatory rules to comply with stricter regulations within the bloc.