European Banking Union? Don't Hold Your Breath

In June last year, European Union leaders made a great fanfare of committing to ‘banking union’, a three-step plan to shore up the region’s 8,000 banks and prevent a repeat of the debt and financial crisis.

Eleven months on, deep cracks have emerged in the visions member states have of the scheme, with Germany in particular raising doubts about its overall feasibility although both it and France have promised progress by the end of next month.

While the first step – to create a …

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