In Europe, a further stage of the crisis appeared in 2010 when a sovereign debt crisis hit some euro area countries. The Euro crisis has its roots in the specific features of construction of the European Monetary Union, but it was also triggered by the second-wave shocks following the global financial crisis.
The PRA has already received some applications for third country branch authorisation in the UK. For German banks, unlike other SSM banks, there is no formal requirement for the home supervisor to approve a third country branch.