Five years on since the global financial crisis first erupted,
the reverberations have scarcely diminished.
While European nations wrestle endlessly with the future of
monetary union, the continent’s banks continue to
struggle as the region’s relentless debt crisis,
along with more exacting regulatory demands, weigh ever more
heavily on balance sheets.
A sharp withdrawal of credit by US and European lenders in
2008 brought the financial system to a grinding halt –
and helped trigger a global recession. Reminders of those dark
days resurfaced last year at the height of the eurozone crisis,
when bank funding strains once again sparked fears of forced
asset sales, frozen credit and sharply weaker economic
The most acute fears may have receded for now, but a more
insidious process is nevertheless firmly under way:...
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