"Banking Union could be ruinous for Portugal" | Pedro Rebelo de Sousa

Creating a European Union-wide banking union will be long, painful and result in Portugal no longer having a financial system according to a constitutional lawyers and financial expert.

Pedro Rebelo de Sousa says in an interview with Portuguese daily newspaper Público that the financial system is in a better state after the world economic and financial crisis in 2008 but warns of “unpredictable elements” that could provoke a new world crisis.