ECB wants to win back trust in banks

Sabine Lautenschläger, a member of the executive board of the European Central Bank (ECB), has highlighted the areas that need to be focused on to win back public trust on the banking industry.

In a speech made at the seventh International Banking Conference held in Milan at Bocconi University, Lautenschläger said that she still believed that the turmoil of 2008 and 2009 still lingers, and that public trust in banks is still low.

“Numerous scandals, like the manipulation of LIBOR rates, large-scale tax evasion, the fraudulent behavior of rogue traders, misconduct in the selling of mortgages, and large taxpayer bailouts of banks, have reinforced the perception that wrongdoing is widespread in the banking sector,” she said.

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(Image: Moi Cody/