Wilbur Ross of WL Ross & Co says the euro zone needs a Pan-European insurance deposit system regulated by the European Union.
He thinks that when people are assured that their deposits are safe it will prevent bank runs and that will keep the system stable.
He also commented on the U.S. banking system which he thinks is in far better and more stable condition. Banks have raised much more capital, have more deposits than loans and are much more strongly regulated, ensuring that the U.S. banking system is more stable now.
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