The Reshaping of Europe's Financial System

Financial crises always challenge conventional assumptions about financial systems. Europe is no exception. Before 2007, most Europeans thought that their system, which was dominated by banks supervised by national authorities, provided them the safe and efficient financial services they needed. But the crisis has revealed unsuspected fragilities in Europe's banks, and the consequences are still unfolding. The year 2015 will see new steps in the resulting transformation of European finance.