Independent Strategy

Europe: The Cryan Game

There is no simple fix to Deutsche Bank’s problems. Really they are just an oversized example of the structural frailties of the entire European banking sector. The implications are threefold. It undermines monetary policy transmission, it undermines growth and it exposes the frailties of the single currency project. That is euro negative longer-term of course, but it creates scope for significant repatriation flows in the coming few months as banks scramble for liquidity by selling dollar assets.

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