It is nothing new that in the European Union, arguments are as fierce as in a dysfunctional family. It is seldom, however, that a controversy becomes as severe as in the case of the law separating commercial and investment banking.
In spite of long and vociferous deliberations, the finance committee of the European Parliament has not been able to agree on how large banks can best be kept on a leash. The second legislative power in the European Union, the Council of Ministers, appears to be light-years away from a unanimous standpoint.
This is not surprising, because the complex regulation of finances has become even a little bit more complex. Good and evil can no longer be distinguished from each other as easily as immediately after the financial crisis in 2008 and 2009.