Six years after starting the banking union, the European Union has reiterated its members’ commitment to "make further concrete progress on the Banking Union by the end of the year" (Donohoe 2020). EU officials are right not to let Covid-19 derail necessary debates over this objective. But the...

In November 2006 Wal-Mart's Mexican subsidiary received approval to open a bank. The application faced little opposition in Mexico, unlike the company's failed effort to start a bank in the United States. This was partly because in Mexico, Wal-Mart's entry was generally regarded as increasing...

Financial systems and public treasuries are communicating vessels: strength or weakness in one flows to the other, and back. This chapter considers the implications of this insight using case studies from Europe, Asia, and Latin America. The connection is not unique to Europe, although it does...

Financial institutions and governments the world over have been locked in mutual dependence since long before the crisis that began in 2007. Postcrisis reforms will not rid banks and governments of one another; at best, they may renegotiate the terms of engagement. This essay uses case studies...