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BERLIN, Sept 29 (Reuters) - European Central Bank Governing Council member Ewald Nowotny said on Thursday he did not believe that Europe faced a new banking crisis similar to that seen in 2007 and 2008, but the financial sector was clearly in a transitional phase.
"I wouldn't overdramatize it. We're in a transitional and learning phase," Nowotny told Reuters before an event hosted by the Friedrich Ebert Stiftung foundation, when asked about the concerns triggered by new banking requirements.
He said financial institutions would have to learn to deal with new banking requirements, adding that the changes made sense and were moving in the right direction.
During the event, Nowotny described as overblown warnings by some critics that the euro could fail as a currency, and said the problems were with certain member states. (Reporting by Reinhard Becker and Andrea Shalal; Editing by Mark Trevelyan)