The most important events and reports on the economy, central banks and politics from the Dow Jones Newswires program
ECB/Buch: Citizens could find high bank profits unfair
According to Claudia Buch, the new head of banking supervision at the European Central Bank (ECB), the coexistence of high bank profits and high financial burdens on citizens can cause social problems. According to the published text of the speech in Brussels, Buch said: “Many people are worried about rising credit costs and the financial burden. At the same time, they see that the banks are highly profitable. This can lead to a feeling of injustice.”
Scholz calls for “large-scale production of armaments” in Europe
In view of the threat from Russia, Chancellor Olaf Scholz (SPD) has called for a significant increase in arms production in Europe. The European partners would have to pool their orders and Defense industry Providing acceptance security for the next decades, said Scholz on the occasion of the start of construction on a new ammunition factory for the armaments company Rheinmetall. “We have to move away from manufacturing – towards large-scale production of armaments.”
Macron calls for expansion of the European arms industry
French President Emmanuel Macron has reiterated his call for an expansion of the European defense industry. “Everything the EU does to supply Ukraine with arms and ammunition must also serve to build up the European defense industry,” said Macron at a meeting with Polish Prime Minister Donald Tusk in Paris. “This will help us increase our production capacity and develop Europe into a defense power that complements NATO,” Macron said.
DJG/DJN/AFP/jhe
(END) Dow Jones Newswires
February 12, 2024 1:00 p.m. ET (18:00 GMT)