EU Banking Integration Crucial for Economic Growth, Says Eurogroup President

European Union banking systems must be integrated to unlock economic growth, according to Eurogroup president Kyriakos Pierrakakis. In a recent interview with the European Central Bank's Banking Supervision quarterly newsletter, he emphasized the importance of cross-border banking.

Pierrakakis believes that an integrated banking market is essential for capital to reach its most productive investment opportunities across Europe. This would create more financing options for businesses and make better use of European savings, he added.