True in Europe as well, particularly in Germany. You cannot understand anything about (the lack of) EU banking union or (the lack of) European deposit insurance without understanding the political power of sparkassen.
RT @AlecStapp: A really important and counterintuitive point from @ezraklein that most people aren’t aware of:

The small banks are much, much more politically powerful than the big banks in Washington, DC.

They’re popular and every member of Congre…

🐦🔗: https://n.respublicae.eu/lugaricano/status/1637988273871003648