About Guntram WolffGuntram Wolff is the director of Bruegel, a European think tank specializing in economics. His research focuses on the EU economy and governance, fiscal policy, and global finance.
By Guntram Wolff. Posted January 31, 2014
Over five years after the onset of the 2008 global financial crisis, the EU financial system remains in a fragmented state. Banks do not lend to each other across borders without asking for a significant premium. In the larger eurozone countries, cross-border retail banking remains a negligible source of credit and thus could not compensate for the dysfunctional interbank market. As a result, in many European countries, credit for households and businesses—who mostly rely on banks rather than capital markets for financing—remains costly and limited, inhibiting opportunities for economic growth in the region.
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