That’s a challenge for 21st century science.” Well, the euro area had its own “Big Bang” two weeks ago, and in this case we know pretty well what banged – and why.
On 4 November, the ECB became the direct supervisor for the 120 largest banks in the euro area which, in terms of assets, represent more than 80% of the euro area’s banking system. Thus, with a big bang, the ECB became one of the largest banking supervisors in the world.