EU must speed up banking union or risk falling behind the US and Asia
Frankfurt — Europe’s most senior bankers have pleaded in concert with the EU to speed up its banking and capital markets union projects, warning that the region risks falling further behind the US and China in the global economy. "If you really want to have a competitive edge" versus the Americas and Asia, "we must complete the banking union," Deutsche Bank CEO Christian Sewing said on Tuesday at the Bloomberg European Capital Markets Forum in Milan. "We need one single standard," he said. A decade after the global financial crisis and a sovereign-debt crisis that almost tore the single currency apart, work on a single banking framework remains incomplete. That is delaying a necessary process of consolidation that would create European banks large enough to compete globally. The EU may also be running out of time to complete the projects, as a wave of nationalist and populist opinion in member states makes large-scale integration harder to deliver. "The largest exporting economy and...
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