Eurozone banking sector 'a slow-motion train wreck', says economist

Much work needs to be done to salvage Europe's banking sector but the continent's leaders are proving unequal to the task, says Larry Brainard.

European banks are the biggest global risk and the continent's leaders are failing to address the problem, according to Larry Brainard, London-based chief economist at political risk consultancy Trusted Sources.

Brainard, formerly the chief economist for the emerging markets at Chase Manhattan, told Credit the problems of the European banking sector were not being fully admitted either by the institutions themselves or by Europe's political leaders.

"At the moment you have a lot of brave talk on