Euro or no-euro, union or not, these questions underlie all discussions of the state of the economy in Europe.  Europe’s ability to deal effectively with the next financial crisis risks being undermined by the “impossible” committee-led governance plaguing its banking watchdog, the chief regulator has warned.

Andrea Enria, who chairs the European Banking Authority, said the benefits of crucial bank stress tests to be carried out over the next year could be impaired if decision-making was not streamlined and nationalist tendencies contained. The EBA had to move away from consensus- based governance traditions, he said.  Assets Count in European Banks