Europe's competition authorities risk throwing the Continent's economic integration into reverse with their response to the financial crisis, the head of Germany's Bundesbank has warned in rare public criticism of Brussels.
In a Financial Times interview, Axel Weber said policymakers were “at a crossroads” and might harm Europe's growth prospects if they insisted on making lenders withdraw from foreign markets and become more nationally focused.
His warning comes as EU competition authorities decide what concessions banks will have to make in return for state aid.
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