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PhototakenonApril4,2023showsabuildingofCreditSuisseinGeneva,Switzerland.(Xinhua/LianYi)

"TheoverlappedsystemicfinancialriskandlackoftrustjointlyfueledthebankingcrisisinEurope,"notedYanLi,aseniorlectureratNanyangBusinessSchoolofSingapore"sNanyangTechnologicalUniversity,addingthatsuchasituationmayseetheEuropeanbankingindustryandeconomyfacehardtimesinthefuture.

SINGAPORE,April10(Xinhua)--AlackofindependentfinancialpoliciesandoversighthasputtheEuropeanbankingindustryinturmoilduetospilloverrisksfromtheU.S.financialsystem,aSingaporeaneconomisttoldXinhuainarecentinterview.

ThecrisisthathappenedtoCreditSuisseandDeutscheBankreflectedhowfragilesomeEuropeanbankswerewhendependingexcessivelyonaninternationalfinancialsystemdominatedbyU.S.dollars,saidYanLi,aseniorlectureratNanyangBusinessSchoolofSingapore"sNanyangTechnologicalUniversity.

"TheoverlappedsystemicfinancialriskandlackoftrustjointlyfueledthebankingcrisisinEurope,"Yannoted,addingthatsuchasituationmayseetheEuropeanbankingindustryandeconomyfacehardtimesinthefuture.

"TheUnitedStatesmayslowdowninterestratehikes,butwillnotcease.Therefore,theEuropeanbankingindustrywillfacegrowingsystemicrisks,"saidtheeconomist.

However,YansaidthatthecurrentbankingcrisisinsomeEuropeancountriesandtheUnitedStatesisunlikelytodeteriorateintoanotherglobalfinancialcrisissimilartowhathappenedin2008.

"ThecollapseofthebankingindustryandeventhefinancialsysteminEuropeandtheUnitedStatesisunbearable,sorelevantgovernmentswilldotheirbesttostopthecrisisfromspreading,"hesaid.

InEurope,CreditSuisse,thesecondlargestbankinSwitzerland,wastakenoverbySwissbankinggiantUBSduetoaliquiditycrisisandmarketvolatility.AlsoinMarch,thesharepricesofGermany"sbiggestlenderDeutscheBankplungedamidgrowingconcernaboutthehealthofEuropeanbanks.