Weaning Europe's banks off their cheap debt addiction

Mario Draghi's first big decision was throw money at Europe's moribund banks, which helped get some of the weaker institutions back on their feet. But cheap ECB money is gumming up the financial works and the taps need to be turned off.

The usually staid world of British banking has been titillated in recent days by revelations about the drug-taking of the Co-operative Bank’s former chairman, Paul Flowers. Crystal meth, it seems, was the reverend’s drug of choice. There are lessons for the co-operative movement to learn, mostly concerning governance. But there may be a more instructive parallel to draw with eurozone bank funding.

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