The sector needs to take a series of actions to improve its business model, he told a post-policy-meeting news conference.
“That can be achieved however only through consolidation…. (and) the need for consolidation is very, very significant,” he said.
“There is a relationship between scale and the capacity to undertake the investments that are needed to improve technology and be competitive, especially in certain business models.”
Asked about the European Central Bank’s supervisory role in mergers, he said the main priority was for transactions to be successful, meaning not only pleasing to shareholders but also creating a strong business entity.
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