EU leaders play down bank risks as economy weakens

BRUSSELS (AP) — European Union leaders are playing down the risk of a banking crisis developing from recent global financial turmoil and hitting an already weak economy. The deliberations Friday by EU government heads in Brussels follow U.S. regulators shutting down two U.S. banks and a Swiss-orchestrated takeover of troubled lender Credit Suisse by rival UBS. The emergency actions on both sides of the Atlantic revived memories of the 2008 global financial meltdown and the ensuing EU sovereign debt crisis, which almost broke apart the euro currency now shared by 20 European countries. German Chancellor Olaf Scholz says “the banking system is stable in Europe.” Dutch Prime Minister Mark Rutte says “I think we are in good shape.”