Benelux flux

Cross-border Supervision

Dividing up a major cross-border bank over a weekend in the midst of a global financial crisis was a situation the European Commission (EC) was neither prepared for, nor expected. "So far we have not had to cope with a crisis in a major EU financial institution. And I hope we never have to," said Charlie McCreevy, European internal market commissioner, in a December 2007 speech. But in the 16 months since those optimistic words, a succession of European Union banks have required rescue from the

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