July 10, 2018 / 10:33 AM / 6 days ago

Italy calls for risk-sharing in euro zone banking union

ROME (Reuters) - Italian Economy Minister Giovanni Tria called on Tuesday for greater risk sharing in order to strengthen the euro zone banking system.

FILE PHOTO: Italian Economy Minister Giovanni Tria listens as Prime Minister Giuseppe Conte (unseen) speaks during his first session at the Lower House of the Parliament in Rome, Italy, June 6, 2018. REUTERS/Tony Gentile/File Photo

In a speech to a gathering of bankers in Rome, Tria said boosting Italy’s economic growth was “no less important” than meeting its public finance constraints, and cautioned against euro zone reforms that could penalize Italy.

“It’s a mistake to subordinate the need for risk-sharing below the need for risk-reduction,” he said, adding that the “time is ripe for a sharing of risks” to strengthen the bloc’s banking system.

Reporting by Giuseppe Fonte, writing by Gavin Jones

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