The European Union needs more non-bank finance. Banks are on the back foot. On their own, they won’t be able to fund the jobs and growth the EU is desperate for. Non-bank finance needs to take up the slack.
Hugo Dixon is Editor-at-Large, Reuters News and the founder of Reuters Breakingviews. He is also the author of “The In/Out Question: Why Britain Should Stay in the EU and Fight to Make it Better,” available at http://bit.ly/1qeLQVS. Before founding Breakingviews in 1999, which he edited until 2012, Hugo spent 13 years at the Financial Times, the last five as Head of Lex. He began his journalistic career at the Economist. Follow him on twitter: @hugodixon