Not waiving but drowning: EU banks face capital traps

Council and some MEPs try to kill cross-border capital and liquidity waivers in CRR II

In a sense, the eurozone’s banking union erases borders for its 19 member countries – their larger banks are overseen by a single supervisor and their catastrophes handled by a single resolution board (SRB). But suggest these banks should also be overseen on the basis of a single, consolidated balance sheet – rather than lodging capital and liquidity at each of their local subsidiaries – and some of the union’s internal borders appear to be stubbornly marked in bold, black pen.

In debates over

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