Cœuré says banking union vital to avoid a ‘lost decade' in Europe
Europe risks a "lost decade" of "much more protracted economic stagnation than currently anticipated" if it does not act to break the "sovereign-bank nexus" and avoid Japanese-style "zombie banks", according to ECB board member Benoît Cœuré.
In a speech delivered on Friday to the Amundi World Investment Forum 2013 in Paris, Cœuré said "a broad quality review of banks' assets" must be carried out, "so as to ensure that any hidden balance sheet losses are brought to the surface" - otherwise
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