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| ECB Governing Council Member Comments on Global Banking Crisis, Market Reacts Positively |
Madis Muller, a member of the European Central Bank's Governing Council, recently commented on the global banking crisis during a public appearance on Friday. Muller pointed out that SVB's actions had created an atmosphere of uncertainty, and noted that Credit Suisse had been experiencing issues for several years. However, he also stated that the Swiss National Bank's intervention in Credit Suisse had made decision-making easier. Muller observed that there were few banks in the euro area that had taken the same risks as SVB.
The market reacted positively to Muller's comments, with the EUR/USD pair extending its recovery mode above 1.0650. As of press time, the pair was trading at 1.0654, representing a gain of 0.48% on the day.
