Banking Regulation: The Gates Are Slowly Closing (EU)

Rising interest rates, record insolvencies, and permanent recession -- the looming economic crisis in the EU is taking shape. Brussels is responding by preparing the ground for capital controls. The regulators' latest target: European citizens' foreign bank accounts. Starting January 11, 2027, trouble looms for EU citizens with foreign accounts. From that date, banks from third countries -- Switzerland, the UK, the US, or Singapore -- will be prohibited from offering so-called core banking services to European citizens. In essence, this covers three core functions: classic deposit-taking (checking, savings, or fixed-term accounts), lending, and the guarantee business. Banks wishing to...