Opening up European companies to a global vision

Mario Draghi, President of the European Central Bank (photo: dpa)
Mario Draghi, President of the European Central Bank (photo: dpa)

Banks across Europe have been blamed for not lending money to companies during the recession. But, as recovery begins to appear, big companies operating globally do not need to borrow and have hardly felt the impact of the financial crisis, while small companies are a risk to banks because they are being squeezed in their small domestic markets.

<i>The common narrative of the past few years is that the private sector has fallen victim to bad banks and reckless governments, and that this duo has led to a credit crunch in spite of abundant liquidity. This report argues that government debt and the central bankers’ connivance have crowded out resources which could be used to build...

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