Delay and Pray Is the European Union's Specialty

The proposal for a single European Union banking regulator, which took more than two years to pull together, turned out to be little more than a delaying tactic.

Europe's much-hyped push for a banking union turns out to have been little more than a stall tactic. Even the European Union's most die-hard apologists would have to concede that is the only achievement of the flaccid proposal offered this week.

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