EU politicians and regulators lined up to look as chilled out by the whole thing as they possibly could.
It may be the largest banking collapse since the 2008 financial crisis but for the EU it’s somebody else’s problem.
The failure over the weekend of America's Silicon Valley Bank, which had assets of $200 billion, has prompted fears of wider meltdown, with share prices plummeting and U.S. agencies scrambling to contain the fallout and prevent runs on other lenders.
In the European Union, it's very definitely seen as something that's happening to other people.
“At the EU level, there is very limited presence of Silicon Valley Bank,” Valdis Dombrovskis, executive vice president of the European Commission, said Tuesday. “We are in touch with the relevant competent authorities, but we don’t expect much of a spillover effect.”
His was just the latest in a series of chilled-out comments from leading EU figures as they looked on while the financial blowup raged.
“I don’t see any risk of contagion,” French Finance Minister Bruno Le Maire said on Monday. “We are monitoring the situation but there is no specific alert.”
EU bank stocks slumped 5.84 percent on Monday in response to the demise of SVB — but rallied on Tuesday, closing back up 2.46 percent...
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