Christine Lagarde has acknowledged that turmoil in the banking sector could force the European Central Bank to stop raising interest rates, should the recent market jitters hit lending to the eurozone’s businesses and households.
The ECB president told MEPs on Monday that eurozone banks had “very limited exposure” to Credit Suisse after it was taken over by its rival UBS in a weekend rescue deal that imposed losses on shareholders and wiped out SFr16bn of risky additional tier 1, or AT-1, debt.
“We are not talking about billions [of exposure to Credit Suisse] here, we are talking about millions,” Lagarde said, adding that the eurozone banking system was “strong in terms of its aggregate capital and liquidity position”.
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