Go to the Globe and Mail homepage

Jump to main navigationJump to main content

AdChoices

What banking union? Cyprus reveals flaws in EU’s official plan Add to ...

Subscribers Only

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

The Cypriot catastrophe shows just how far away the euro zone is from creating its much-touted “banking union.” There was no euro zone supervision of Cyprus’ big banks, no transnational approach to put them into controlled bankruptcy, no common deposit insurance and no flow of bank rescue funds from abroad.

Report Typo/Error

Next story

loading

Trending

loading

Most popular videos »

More from The Globe and Mail

Most popular