, Columnist
Archegos Carries a Warning For Europe's Financial Ambitions
The EU wants finance hubs in several locations, but last week's investment bank debacle shows the perils of a splintered approach to a crisis.
A fragmented response.
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You can almost hear the relief in Brussels that the latest financial crisis, the blowup of Bill Hwang’s family office Archegos, has passed it by. That doesn’t mean the next one will.
The European Union is eager to take work from the City of London after Brexit, but it needs to appreciate that greater exposure to the financial sector means bigger risks. Europe’s approach of setting up finance hubs in several locations will magnify the dangers rather than prevent them.