European bank CEOs at the Institute of International Finance’s (IIF) meetings in Brussels last week expressed lofty ideas about how financial integration can fill the power gap with US capitalism.
It is wishful thinking. The near formation of a government by rival Italian populists Luigi Di Maio and Matteo Salvini is the elephant in the room at the meetings.
Brexit, it seems, has not ended European fragmentation. Consensus is in ever shorter supply, even on the fundamentals of currency union.
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