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The EUs internal market for financial services is like an impressive building that has been hit in 2008 by a devastating earthquake and successive after quakes. It got damaged but it still stands. It needs fixing, reinforcement of the foundations in view to better withstand the next earthquake and a plan for dealing with future crisis situations. The construction company is back, took stock of the damage and tries to adapt the building to a tougher than initially planned environment.
Banking supervision and crisis management
A crucial step in the process is the strengthening of the foundations. The presentation of the Basel III package on capital requirements for credit institutions is indeed the most fundamental...
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