IMF issues reality check on European banking union
The IMF today warned European policy-makers that creating a full banking union will be a lengthy process, but implementing elements piecemeal could do more harm than good for financial market problems.
A staff discussion note says a European banking union could be "pivotal" in breaking the link between sovereigns and banks and reducing financial market fragmentation, but it is not a panacea. A full union needs three elements, the document says: a centralised supervisor, common recovery and
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