European banks have been in the recovery ward for almost a year now. After struggling for much of 2015 and 2016, the Stoxx 600 European bank index rose about 30% in the six months to early 2017. It has barely budged since. Was that rally well-founded?
On the regulatory front, things have moved in a better direction. When the Basel committee belatedly agreed its new rules late last year, the outcome was better than feared for Europe.
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