European Banks Are Taking Lending Risks Like It's 2007, ECB Says

European lenders are breaking promises that they would avoid excessive risk in the wake of the financial crisis, according to the European Central Bank.

“We’re seeing more and more banks take risks that, back in 2008 and 2009, they said they’d never do again,” said Korbinian Ibel, a director general at the ECB’s banking supervision arm. “They argue that everyone else is doing it, so how can they avoid it? That sounds a lot like 2007.”