[MrEuribor]

I think the article touches on a broader problem with European approach to finance, innovation, and competition in the globalized economy (to be clear, I say that as a European). It is hard for anyone living here not to notice that the continent is slowly falling behind and becoming more provincial in many ways. This leads to some defensive and delusional attitudes, often presented on this forum ("we may underperform economically but that's okay because quality of life here is better and we don't have all the shootings and inequality" or "it is better to have stable low growth than excessive speculation-driven growth"). This mentality is especially striking when applied to the field of finance - which is associated with greedy ruthless US-style capitalism. There is a certain pride in the fact that financial markets in Europe are fragmented, over-regulated and underdeveloped. Nobody seems to recognize that despite all their flaws US markets are much more transparent and less corrupt. I have participated in discussions where people debated Gamestop saga, concluding that thankfully in Europe it would not be possible because we "protect retail investors" here and don't allow payment for order flow. The fact that European retail investors get a terrible deal, with inflated costs to access the market, lack of choice, and mediocre returns, did not seem to bother anybody. Almost everyone I know prefers to invest in US stocks, through US brokers with local subsidiaries. The precious few recent attractive European companies that I know of all got listed in New York. Wirecard case really is symptomatic. To run a global innovative business in Europe you cannot cut corners and bend the rules Uber-style; EU regulations "protect" us from that kind of enterpreneur. The only way is for the business to be an outright fraud.