UniCredit Says EU Needs Bigger Banks as CEO Eyes Commerzbank.

UniCredit CEO Andrea Orcel has stated that Europe's banks are not large enough to meet the funding needs of the bloc. Orcel, who is pursuing a potential takeover of Commerzbank, believes that Europe needs bigger and stronger banks to support its industry and overcome growth challenges. While the move has caused frustration within the German government, Italian officials and stakeholders outside of Germany have reacted more positively, seeing the acquisition as in line with EU goals of breaking down barriers to the flow of goods and services. BlackRock CEO Larry Fink has also called for more European integration, emphasizing the need for a stronger capital markets system and a more unified banking system. [Extracted from the article]