This speech was given in late June in Istanbul, at the 30th anniversary symposium of the European Private Equity and Venture Capital Association (EVCA). It has taken me some time putting it into written format. It has also been posted by the Peterson Institute and Bruegel.
In the speech, I develop a narrative of the run-up to the European crisis and of its management since 2007, through the lens of what I see as an important and under-analyzed driver of financial sector policy. This driver is labelled here "banking nationalism" for lack of a better term, but is really about the mismatch between national banking policy frameworks and the integration of the European financial system through EU policies. The initiative to create a banking union may resolve this mismatch in a manner that preserves European integration, but whether it will actually do so is still too early to tell.