Economists Harry Huizinga and Harald Benink say an "implicit state guarantee" has kept the eurozone's banking sector afloat thus far but warn that a recapitalization "has been postponed … for far too long." Last year, government guarantees "provided banks in Europe with an annual average funding advantage amounting to 0.3% of total assets [or] an implicit guarantee of about €650B," but continued procrastination regarding a recap could put Europe "on a course towards Japanese-style inertia," the report cautions.
Economists Harry Huizinga and Harald Benink say an "implicit state guarantee" has kept the...
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