No matter how many times taxpayers end up footing the bill for patronage, cronyism, lack of accountability or sheer incompetence, there will always be politicians prepared to argue – and voters ready to believe – that banks are better in public hands.
In western Europe, high-profile disasters in countries such as Germany and Austria have recently made mainstream politicians wary of advocating public-sector banking, except as a last resort.
Further east, however, the idea is enjoying a renaissance.
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