• Completing Europe's banking union means breaking the bank-sovereign vicious circle

    5 monthes ago - By Bruegel

    This blog post was also published on Vox.eu
    Several euro area leaders, including the German chancellor , her finance minister , and the French president , have recently referred to the need to “complete the banking union”. These public calls echo those made in more formal settings, in intergovernmental meetings and European Commission communications over the last half-decade. They inevitably raise the question of what criteria should be used to assess the banking union's completeness. A narrow interpretation, based on euro-area leaders' past commitments, equates it with breaking the...
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