The Trader 

European banking union

The Trader

Five years after the Great Financial Crisis that started in 2007, cracks and weaknesses in the eurozone financial system almost brought down the single currency. Investors and the overseeing authorities eventually realised that there was a vicious circle between commercial banks, sovereign debt and levels of government borrowing. ECB president Mario Draghi famously said, "the ECB is ready to do whatever it takes to preserve the euro" on 26 July 2012.

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