The First Step in Europe’s Banking Union: Difficult but Achievable
by Nicolas Véron | October 17th, 2012 | 10:00 amThe leaders of euro area countries made an unprecedented commitment when they issued a statement on June 29 starting with the words, “We affirm that it is imperative to break the vicious circle between banks and sovereigns.” This statement officially acknowledged their intention to break the “doom loop” of mutually reinforcing deterioration of credit conditions [...]