Financial Transparency Coalition

An op-ed in yesterday's Financial Times calling for a single market for banking in Europe said what was needed is "a dedicated European Union-level resolution framework that can credibly discipline Europe’s large cross-border banks while offering depositors protection equivalent to national deposit guarantee schemes." Sounds reasonable enough. The article went on to say that the so-called "single passport" system, in order to reach it's potential, "requires that the proposed EU-level supervisory authorities establish trust between home and host countries." What the article did not mention is that this proposed system also requires enhanced know-your-customer rules that...