When the history of the global financial crisis is written, it may record that Neelie Kroes, the European Union's competition commissioner was the only politician willing to respond in a logical manner.
By insisting on the break-up of the ING Group into its banking and insurance divisions – and on it divesting its US direct savings arm – Ms Kroes set a welcome precedent this week. She made a troublesome too-big-to-fail institution shrink.
The US, meanwhile, is joining the UK and others in proceeding in the opposite direction. Rather than making the Citigroups and Deutsche Banks of the world get smaller, they are bolstering them and preparing to deal with them next time they sink.
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