Too many banks in Germany?

Moody investor service warns of weakening of Germany’s banks. According to an article in the New York Times (October 19), Moody believes Germany has too many banks. They are quoted as saying “Intense competition and low interest rates are causing margin pressure that will likely further erode already-weak bank revenue and profits.”

I wonder why Germany’s economy is the strongest in Europe. I thought competition was good in Free Market Capitalism. Perhaps Germany should follow the lead of the USA. The heck with competition, let the banks get so big they become “too big to fail.” It may not be good for the economy, but it is good for the banks in the USA Crony Capitalism. What’s good for the mega-bank corporations is good for profit making. What about the working people?

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