Corporate banking considers possibility of EMU departures

Corporate banking groups may be contemplating the future in the face of possible departures from the European Monetary Zone (EMU), as experts note countries opting out of the scheme is now a possibility.

Martin Bamford, a financial expert with Informed Choice, said a break-up of the single European currency ’would be better done as a carefully planned and implemented activity’.

His words came in response to a report on the matter by Mark Cliffe, chief economist at ING Direct, who argued the theoretical situation would have an impact that ’[dwarfed] the post Lehman Brothers collapse’.

Providers of corporate banking might therefore be following the issue closely, as the US group’s disintegration was one of the key moments of the economic crisis.

Mr Cliffe claimed the departure of one or multiple countries that currently form part of the EMU was now accepted as a possibility even by those strongly in favour of the single currency and warned the impact of a rupture would be ’dramatic and traumatic’.ADNFCR-2318-ID-19891624-ADNFCR