Cross-Border Banking in the Balance
Eurozone leaders must aim to preserve not just the single currency, but also the gains from financial integration in Europe. No region has benefited more from cross-border banking, yet these achievements are now at risk – and with them the European banks themselves.
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LONDON – The gravity of the eurozone crisis has finally sunk in. The stakes could not be higher. Governments and international financial institutions have scrambled to put together a solution within exceedingly tight political and economic constraints. Many questions have yet to be answered about the design; implementation will be at least as challenging.