At Germany’s insistence, the ECB will supervise only the eurozone’s 130 or so biggest banks. That will leave the smaller Ländesbanks (state-owned regional banks), many of which made spectacularly bad lending decisions in the bubble years, and Sparkassen (smaller savings banks) in the hands of local politicians and Germany’s pliable financial supervisor.
即便在新的银行联盟框架完全就位之后，它也会充满漏洞。在德国的坚持之下，欧洲央行只会监管欧元区内130家左右的最大型银行。这会令那些更小型的国有区域性银行——它们在泡沫繁荣时期发放了大量高风险贷款——以及小型储蓄银行落到了当地政客以及德国那些不公正的金融监管者手里。