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Europe's takeaway from recent banking turmoil
The Sound of Economics
The Importance of European Deposit Insurance
I think the only element that can really act as a credible backstop is to prevent that confidence from being lost. There were I think two stumbling blocks so far in terms of getting there. The sovereign exposure and legacy issues or non-performing loans on some euro area banks balance sheet are probably the other stumbling block. It's unclear to me what will push that progress forward at this time unless something happens which might have to be a crisis like event.
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