The details of the driving forces that will re-shape Europe's post-crisis financial system are steadily emerging from the soup of day-to-day discussions on Banking Union.
It is all too easy to miss the signals amongst nuances of debates on the precise arrangements for the Single Resolution Mechanism: ECOFIN laid out some strikingly clear Conclusions; the ECB set out the type of banking system it intends to achieve with the SSM; Commissioner Barnier reiterated that he will propose action on the Liikanen Group's report; and the likely Chair of the SSM argued that the ‘time is ripe' to review the risk-weighting of government debt. Add in the bailing-in of bank creditors, and the shape of the EU's financial system will be very different in the second half of the decade.
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© Graham Bishop
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