(Reporting by Gavin Jones and Giuseppe Fonte)
ROME, March 22 (Reuters) - European Central Bank
governing council member Ignazio Visco said on Wednesday that
the bank needs to pursue a "very prudent" monetary policy, given
the high degree of economic uncertainty.
Visco, the head of Italy's central bank, told a panel of
lawmakers in Rome that the ECB needed to continue to decide on
rates "meeting by meeting" on the basis of incoming data.
In other remarks, Visco said that bank credit had come to a
halt in Europe and it was "crucial" to avoid a full-blown credit
crunch.
He said the collapse of Credit Suisse and the Silicon Valley
Bank should be seen as an "alarm bell" for the European Union
because "we don't have an instrument of immediate intervention"
to resolve banking crises, such as those adopted by Switzerland
and the United States.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.