ECB's Elderson urges banking union to help finance Europe's €1.2 trillion annual needs
AI Summary- Frank Elderson identified national fragmentation as the main long-term constraint on European bank competitiveness.
- The EU needs around €1.2 trillion annually through 2030 for green, digital and defence goals.
- Elderson called for EDIS, deeper capital markets and simpler rules without lowering prudential standards.