BRUSSELS (dpa-AFX) - The recent slump in Deutsche Bank's share price is no cause for concern, according to German Chancellor Olaf Scholz. "There is no cause for any concern," Scholz said Friday after an EU summit in Brussels. "Deutsche Bank has fundamentally modernized and reorganized its business model and is a very profitable bank," the SPD politician said when asked if Deutsche Bank was the next Credit Suisse.

Looking at the European financial markets, Scholz said, "The banking system is stable in Europe." He added that the EU has supervisory structures that have enforced strict rules. European banking supervision and the financial system are robust and stable, he said, and European banks have resilient capitalization.

At the same time, work on the Capital Markets Union and Banking Union should be accelerated. These are just as important for growth in Europe as the single market, Scholz said. "They will make it possible for more capital to be deployed, to be deployed in the right place."/wim/DP/stw