In an era of negative interest rates in Europe, monetary policy should not be geared towards appeasing the banking sector, BNP Paribas Chairman Jean Lemierre has said.
Speaking to CNBC's Annette Weisbach at the BNP Conference in London on Thursday, Lemierre said the ECB was moving in the right direction with its latest rate cut and substantial bond buying package, but "can't be alone" in efforts to stimulate the European economy.as placing a burdensome squeeze on lenders' profits, but Lemierre insisted it is the role of banks to adapt to a changing monetary environment.
"It is not easy, but our job is to adapt and monetary policy shouldn't be designed for banks," Lemierre said, adding that lenders should have the "appropriate business model in this environment by product and by region." "We need to reduce costs and we need to move more digital," he suggested. "The banking sector should not be a toll on the economy, but a support to the economy."
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Paul Tudor Jones says there is an 'explosive combination' of forces driving the market higherBillionaire Paul Tudor Jones says the stock market is getting a boost from an 'explosive' combination of monetary and fiscal policy.
Leer más »
Paul Tudor Jones sees an 'explosive combination' of forces driving the market higherBillionaire Paul Tudor Jones says the stock market is getting a boost from an “explosive” combination of easy monetary policy in the U.S. and lower taxes. He said he thinks this combination can push the market into record territory.
Leer más »
Fed's Powell says interest rates unlikely to change as long as growth continuesPowell reiterated a stance he outlined a few weeks ago that the Fed's moves this year toward more accommodative monetary policy have helped support an economy that continues to grow.
Leer más »
China has not issued any digital currencies: central bankChina's central bank said on Wednesday it had not issued any digital curren...
Leer más »
Disney shares have more upside, 'even after today's phenomenal run,' Jim Cramer says'Not long ago, Iger told me 'we're just getting started,' and I say 'it's still not too late to join him on his ride of a lifetime,'' the 'Mad Money' host says.
Leer más »
Trump — not the Fed — is the biggest threat to the US economy, ex-India central bank chief saysFormer Indian central bank chief Raghuram Rajan warned that the biggest threat to the U.S. economy will come from President Donald Trump's trade policies.
Leer más »