30.09.201601:16:00UTC+00No new banking crisis in eurozone, says ECB official

Despite a learning and transitional stage within the sector, a European Central Bank official on Thursday stressed Europe is not facing another banking crisis reminiscent of the crisis between 2007 and 2008.

ECB Governing Council member Ewald Nowotny noted institutions would need to contend with the new prerequisites, adding they are marching in the right direction. He said central bankers remained split over the Basel III banking regulations, which will be finished by this year.

Although Nowotny refused to shed light on Deutsche Bank's scandal, he said it was significant to account all the repercussions before allowing any firm to declare bankruptcy because such a move always ignited woes about other companies.