After the eurozone sovereign debt crisis, and Italy’s subsequent sluggishness in tackling its mountain of non-performing loans, northern Europeans have tended to think that the need for a stronger European Union financial regulatory framework was all about controlling chaos and corruption in southern Europe.
It has seemed as if the assumption by the European Central Bank of a supranational supervisory role over prudential risks, for example, was to fix problems elsewhere.
The past year’s money-laundering scandals in northern Europe, above all at Danske Bank – but also, for example, at Deutsche Bank – have underlined the error of such thinking.
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