Italy says hopes EU acts to shore up banks if needed, after SVB collapse

Italy's Economy Minister Giancarlo Giorgetti is closely watching market developments following the collapse of the Silicon Valley Bank (SVB), the ministry said on Monday, adding that the European Union should act quickly to shore up banks if needed.

"We appreciate the timeliness with which the U.S. authorities intervened and trust that, if necessary, European authorities will intervene with the same timeliness, assessing the implications for the conduct of monetary policy and financial stability," the economy ministry said in a statement.

Bank shares in Europe and Asia plunged on Monday as the United States' move to guarantee the deposits of the collapsed tech-focused lender SVB failed to reassure investors that other banks remain financially sound.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)