The European Stability Mechanism and its precursors – beginning with the bilateral loans to Greece in May 2010 – were established in response to an imperative imposed by the urgency of the situation; yet they have changed the nature of EMU forever and have emphasised how deeply interconnected we are.
The Financial intermediation process offers efficiency, rewards and optimal returns but also poses risks to the customers and hence the active regulatory initiatives on customer protection have gained traction and salience. Let us remember the Mahatma who enunciated that “A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him.