The long march: ECB struggles with supervisory convergence

Anti-money laundering supervision and emergency liquidity assistance still run at national level

ECB + bridge

Advocates of closer European integration have long seen the impending departure of one of its foremost critics – the UK – as an opportunity to transfer more power to European Union institutions, but when it comes to financial regulation, there is an extra complication. The creation of the banking union – currently comprising the 19 eurozone members, but open to any other EU country that chooses to join – has resulted in two different levels of integration.

Banks based in the banking union are n

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