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European Central Bank payment system crash delayed salaries and welfare funds across Europe
"If it had lasted until Friday, there would have been big risk-management questions for banks," Alistair Milne, a professor of financial economics at Britain's Loughborough Business School,...
A tech glitch in the European Central Bank's payment system caused widespread disruptions that delayed salaries and welfare funds for thousands earlier this month. The crisis, which could have escalated into chaos had it persisted into the next day when millions of public-sector workers, pensioners, and welfare recipients were due to receive their payments, illustrates the pivotal role technology plays in maintaining the stability of financial systems. "If it had lasted until Friday, there would have been big risk-management questions for banks," Alistair Milne, a professor of financial economics at Britain's Loughborough Business School, told Reuters, which provided a timeline of events in an exclusive report.
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