Europe's Halfway Banking Reforms Have Run Out of Time

Europe’s banking sector continues to be shaken by scandals and failures. German public prosecutors are facing demands to bring charges against the German banking arm of Greensill Capital. Germany's financial regulator, BaFin, has been humiliated by the 3.5 billion euro Wirecard scandal. Serious money laundering cases involving large banks in many euro zone countries have shaken faith in Europe’s bank regulation and oversight.  Fixing this erosion of trust by completing the Banking Union is long overdue. Action is now urgent and essential.