If you look at the capitalization of the banking sector in the USA compared to that of the Europeans, it is obvious that the international capital market seems to have given the European banking system the thumbs down. In addition to the sovereign debt crisis and the productivity crisis, this threatens to be the next major source of crisis for the Europeans if the insolvency figures remain high and the flight of capital from the eurozone cannot be curbed, which is unlikely to be the case given the US tax plans and the Europeans' continued stubborn regulatory policy.