ROME, March 13 (Reuters) - 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.
(Reporting by Giuseppe Fonte, writing by Gavin Jones)
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