BERLIN, Sept 29 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
"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