Why Europe needs a Financial Stability Fund

The dramatic events in financial markets in September and October this year have shown just how vulnerable the European banking system has become to the fallout from the global financial crisis as a result of excessive leverage in the region's large cross-border banks. National regulators allowed this happen because they wanted their national champions to compete in the global financial markets - deluding themselves that Basel capital requirements offered adequate safeguards.

As long as the pric

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