FRANKFURT--The number of commercial banks, credit unions and other monetary financial institutions in the euro zone continued to decline in 2012, the European Central Bank said Monday.
The descent marks the continuation of a long term trend in the monetary union, which has struggled in recent years to overcome a sovereign debt crisis and banking crisis.
As of Jan. 1, 2013, the number of monetary financial institutions resident in the euro area was down 6% to 7,059 from 7,533 this time last year, the ECB said in a press release.
Euro- zone financial institutions are down 28% since Jan. 1, 1999, the ECB said, despite the accession of Greece, Slovenia, Cyprus and other countries into the monetary union.
The declines occurred across the whole of the euro area, but were particularly pronounced in Slovakia, where the number of institutions declined by 30%, and Luxembourg, where they declined 22%. France, Spain and Finland also suffered large falls, the ECB said.
Germany and France accounted for 42% of all euro area institutions, approximately the same share as recorded this time last year, the ECB said.
The number of monetary financial institutions also slipped in the European Union in 2012, down 55 to 9,076, versus the prior year.
nasdaq.com
The descent marks the continuation of a long term trend in the monetary union, which has struggled in recent years to overcome a sovereign debt crisis and banking crisis.
As of Jan. 1, 2013, the number of monetary financial institutions resident in the euro area was down 6% to 7,059 from 7,533 this time last year, the ECB said in a press release.
Euro- zone financial institutions are down 28% since Jan. 1, 1999, the ECB said, despite the accession of Greece, Slovenia, Cyprus and other countries into the monetary union.
The declines occurred across the whole of the euro area, but were particularly pronounced in Slovakia, where the number of institutions declined by 30%, and Luxembourg, where they declined 22%. France, Spain and Finland also suffered large falls, the ECB said.
Germany and France accounted for 42% of all euro area institutions, approximately the same share as recorded this time last year, the ECB said.
The number of monetary financial institutions also slipped in the European Union in 2012, down 55 to 9,076, versus the prior year.
nasdaq.com
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