The future for banking is cloudy

Europe's crisis is masking a deep structural change in banking which, like retail and media, will see new technology transform the industry, leaving legacy players bewildered.

The European crisis debate focuses on Greece, Spain, Italy and the euro. But in fact those countries are really the public face of a deep European banking crisis.

And as European banks fund around three quarters of global trade and are major suppliers of wholesale deposit money to Australian banks, the European crisis becomes a deep world and Australian problem, which affects stock markets.

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