There is unease on Capitol Hill over an expanded role for the Fed and continued Balkanisation.

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Mr Riordan's enthusiasm for using the rich as a bulwark against Balkanisation has inevitably irritated the left.

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One strand of these negative financial trends has been elucidated by Morgan Stanley, in what it calls the balkanisation of the eurozone banking system.

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First is a growing credit crunch within the eurozone, as weak eurozone banks cut back their cross-border lending and - increasingly - their domestic lending too (there is a chilling analysis today of the so-called Balkanisation of eurozone banking by Morgan Stanley, which is critical of the limited banking union proposed by eurozone leaders as a solution).

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