The writer is chief executive of UniCredit “Europe is disappearing.” So said Ken Griffin, founder of Citadel Securities, earlier in December. “It’s lethargic compared to the United States,” he added. “Their economy is not growing. Their per capita numbers are horrific.” When America’s top financiers make that kind of assessment about our continent, it is time to wake up and respond. It is now a little over two decades since the EU went through its greatest ever enlargement.
We have heard the calls to drive integration of Europe’s banking system so we can have greater firepower to finance new infrastructure and business growth. Yet we have seen precious little action. I believe in the convergence of our banking system, and with it stronger banks for Europe. That is why UniCredit Group has made an investment in Commerzbank and an offer to buy Banco BPM.
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