Spain’s De Guindos says euro zone banks should reduce bad loans

MADRID/BRUSSELS (Reuters) – Spain’s Economy minister Luis de Guindos said on Monday that banks in the euro zone should accelerate the reduction of bad loans on their balance sheets.

The European Central Bank is currently working on a draft of new measures targeting soured loans sitting on banks’ balance sheets, although it is expected to refine its proposal after fierce criticism from lawmakers and bankers.

De Guindos was chosen last week to take over from Portugal’s Vitor Constancio as the ECB’s second in command in June by euro zone finance ministers on Monday.

He also said before the European Parliament that in the long term the euro area would benefit from better coordination of fiscal policies.

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