The European Union’s antitrust czar, Neelie Kroes, is struggling to stop governments from bending E.U. rules on state aid to business when they rescue banks with taxpayers’ money.
But Ms. Kroes’s threat to force some banks to the wall unless they offer viable restructuring plans within six months of receiving state cash may have been both economically unwise and politically inept.
It could fuel political pressure to suspend the rules and weaken the European Commission’s crucial watchdog powers.
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