It's the U.S., not Europe's banking system that's a concern, top economists say

cnbc.com:

Europe learned its lessons after the financial crisis and is now in a strong position to weather further stress in its banking system, several economists and policymakers say.

A central theme at the Ambrosetti Forum in Italy on Thursday and Friday was the potential for further instability in financial markets, arising from problems in the banking sector — particularly against a backdrop of tightening financial conditions.

The collapse of U.S.-based Silicon Valley Bank and of several other regional lenders in early March prompted fears of contagion, furthered by the emergency rescue of Credit Suisse by Swiss rival UBS.

Policymakers on both sides of the Atlantic took decisive action and pledged further support if needed. Markets have staged something of a recovery this week.

Valerio De Molli, managing partner and CEO of The European House – Ambrosetti, told CNBC on the sidelines of the event on Thursday that «uncertainty and anxiety» would continue to plague markets this year.

«The more worrying factor is uncertainty in the banking industry, not so much about Europe — the ECB (European Central Bank) has done incredibly well, the European Commission also — the euro zone is stable and sound and profitable, also, but what could happen particularly in the United States is a mystery,» De Molli told CNBC's Steve Sedgwick.

De Molli suggested that the collapse of SVB would likely be «the first of a series» of bank failures. However, he contended that «the lessons learned at a global level, but in Europe in particular» had enabled the euro zone to shore up the «financial robustness and stability» of its banking system, rendering a repeat of the 2008 financial crisis «impossible.»

The emphasis on «lessons learned» in Europe was