Banking union's major omission: debt mutualisation

Should we fear another banking crisis in Europe? European leaders would have you think that this is not possible anymore.

Indeed, after intensely caffeinated negotiations that ran late into the night, the leaders of the eurozone emerged with a deal in hand and smiles on their faces, proclaiming that the long awaited compromise on a banking union has been reached.

Michel Barnier, the EU’s internal market commissioner quickly declared that the deal “will put an end to the era of mas...