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Banking needs science, says Commission

More scientific advice is needed to inform decisions in the banking sector, according to European policymakers.

Speaking at a roundtable on the issue on 18 April in Brussels, the director general of the Commission’s Joint Research Centre, Dominique Ristori, said greater support from science is needed in a wide range of areas. These include selecting banks for supervision under the single supervisory mechanism and estimating costs and benefits of different options for banking structural reform.

Michel Barnier, the commissioner for internal market. added his support to this, saying: "We cannot do without scientific models to understand the increasingly complex phenomena and financial techniques. Scientific analysis can help us to detect malfunctions, and correct them before they turn into a systemic crisis."

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