are French banks safe?

After a week of plummeting on the stock market, the President of the European Central Bank (ECB), Christine Lagarde, tried to find the words on Friday March 17. “The eurozone banking sector is resilient, with strong capital and liquidity positions, which we can allocate to the eurozone financial system if needed“, she said. The runaway began Monday, March 13 in California (United States), after the bankruptcy of the American bank SVB, and the images of hundreds of customers who came to withdraw their money.

The specialists reassure

In a few days, Credit Suisse and the American fund First Republic unscrewed in turn. The concern has won the markets. Over the whole week, BNP (14.11%), Crédit Agricole (9.23%) and Société Générale (16.81%) saw their shares plunge. Can we relive the banking crisis of 2008? No, according to experts. “The financial links between the big banks in Europe are much smaller than in the past”notably reassured Philippe Brassas, the president of the French Banking Federation.