1/3  BIS central bankers' speeches  And we saw the results: some banks took excessive risks in the markets, while others, which were no longer viable, continued without sufficient supervision to finance projects which no longer made economic sense. Taxpayers had to clean up the mess. The banking union reduces the sociological proximity between banks and the administrative and political powers.
As regards “sociological proximity”, the new French President is a former banker. Will the ECB will be more vigilant with regard to him? One should avoid accusations. Georges Pompidou and Henri Emmanuelli also worked for Rothschild! The French political authorities were in the vanguard of the banking union: it is an achievement and it was not self-evident in France.