So the tale of European banks deleveraging... record provisions, zero supply of credit for years, scores of devastated borrowers (corporate and personal), record subsidies, record drop in competition, rounds and rounds of 'stress testing' - all passed by virtually all, the Banking Union, the ESM break, forced writedowns in some countries, nationalisations, various LTROs, TLTROs, MROs, ABS, promises, threats, regulatory squeezes ... and the end game 6 years into the crisis?..
Per Bloomberg Brief, the sickest banking system on Planet Earth is... drum roll... Wester European one.
It is only made uglier by all the efforts wasted.
H/T for the chart to Jonathan.
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