Previously published in Bloomberg Politics & Policy |
Scandals and failures will continue to plague the sector until it completes the unified regulation it promised more than a decade ago, including deposit insurance similar to that of the U.S.
Europe’s banking sector continues to be shaken by scandals and failures. German public prosecutors are facing demands to bring charges against the German banking arm of Greensill Capital. Germany’s financial regulator, BaFin, has been humiliated by the 3.5 billion euro Wirecard scandal. Serious money laundering cases involving large banks in many euro zone countries have shaken faith in Europe’s bank regulation and oversight. Fixing this erosion of trust by completing the Banking Union is long overdue. Action is now urgent and essential.
- William R. Rhodes, President and CEO, WILLIAM R. RHODES GLOBAL ADVISORS, LLC
- Stuart Mackintosh, Executive Director, GROUP OF 30
- Susan Warren, Bloomberg Editor | susanwarren[at]bloomberg.net
Compliments of William R. Rhodes Global Advisors – a member of the EACCNY,