EU watchdog says must learn from Japan and speed up fixing banks
Europe must heed the lesson from Japan and tackle its "zombie banks" as fast as possible without going soft on capital requirements, a top European Union banking watchdog said on Wednesday.
Andrea Enria, chairman of the European Banking Authority, said some of Europe's banks share the characteristics of poorly performing banks in Japan in the past, such as overcapacity and too many bad loans on their books.
"I hope we don't share the time needed to fix it. I hope that we will be able to move faster," Enria told a Wall Street Journal event.
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