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The ever-elusive finalization of banking union is a serious black mark against the European Union’s ability to get meaningful business done. It is way past time to get serious about it, and the chaos coming out of Italy should reignite and give immediacy to a discussion about practical ways of getting banking union finalised.
The good news: Angela Merkel, head of the state most viscerally against sovereign risk-sharing via a European deposit insurance scheme before the European non-performing loan problem is solved, was reported to have agreed with other EU heads of state to have a proposal ready by the December summit.
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