Federal Reserve governor discusses benefits of removing geographic restrictions in the EU
Federal Reserve board governor Randall Kroszner today spoke about how removing geographic restrictions on banking in Europe can benefit all EU banks. Kroszner cited examples from the US to support his argument.
Kroszner expressed his belief that experiences in the US can apply directly to current debates in the EU. “Over the past year or so, the winds of nationalistic protectionism seem to have strengthened in Europe, especially with regard to cross-border mergers. The desire to impede cross-border integration has been expressed in quite a few EU countries and with respect to a number of different industries, including banking,” Kroszner stated.
The governor explained that only after the removal of
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