Not the banking union Europe is looking for

In order for a European banking union to succeed, the bank resolution fund needs a credit line to cope with contingencies. Without this, it will be little more than a micro-level kitty.

A mere five years after commentators (including this one) started to call for a joint supranational backstop for the European banking system, European finance ministers are now finally closing in on a deal, now reaching a broad political agreement.


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