Europe Must Open ‘Black Boxes’ in Banking System, Flaherty Says

Canadian Finance Minister Jim Flaherty said there are “black boxes” in Europe’s banking system that will need to be uncovered.

While Europe is in better shape than it was a year ago and has made progress in combating its crisis, some of its banks still need to shore up their capital levels, Flaherty said. Countries in the region also need to move ahead with “structural reforms,” he said.