The European banking supervisory system has called on European banks to increase their vigilance against the risk of cyberattacks in the context of the escalation of the Russian-Ukrainian crisis, according to the Governor of the Banque de France Franois Villeroy de Galhau.
We are obviously monitoring geopolitical developments and their possible economic and financial implications very closely, said Franois Villeroy de Galhau on Wednesday at the opening of the three-day Eurofi seminar organized within the framework of the French Presidency of the European Union in Paris. According to him, the direct exposure of French financial institutions to Russia remains limited, but the SSM has called on all European banks to strengthen their vigilance in the face of cyber risks.
The Single Supervisory Mechanism (SSM), which oversees the European banking system, is made up of the European Central Bank and the national banking supervisory authorities of the participating countries.
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The more indirect consequences of the Russian-Ukrainian crisis on inflation and growth will be the subject of a meeting of the Board of Governors in March, specified the head of the Banque de France. This meeting will be based on facts, he added, stressing that flexibility should be the watchword of their policy.
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