Scholz does not expect a new financial crisis.
(Photo: Jonas Holthaus for Handelsblatt)
Berlin The bankruptcy of the Silicon Valley Bank and the turbulence surrounding the Swiss financial institution Credit Suisse have caused sharp price fluctuations on the international financial markets in the past few days. Nevertheless, Chancellor Olaf Scholz (SPD) does not fear a new financial crisis: “I don’t see the danger,” he said in an interview with the Handelsblatt. “The monetary system is no longer as fragile as it was before the financial crisis.”
Comparisons with the outbreak of the Lehman bankruptcy in 2008 are inappropriate: “We live in a completely different time,” said Scholz.
Because: legislators and banking supervisors had learned from the bankruptcy of the US investment bank Lehman Brothers, which had shaken credit institutions around the world. The regulation for banks is stricter today than before the financial crisis. In addition, those responsible in the USA, Great Britain and Switzerland had now “acted quickly and decisively”.
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