The European Systemic Risk Board’s Advisory Scientific Committee published a report titled “Is Europe Overbanked?” The report claims that banking has expanded excessively for a number of reasons, including public bank support and inadequate prudential supervision, and political support encouraging banks to expand. It also includes recommendations for policies that could solve the problem by reducing excessive private credit creation, rebalance the EU’s financial structure away from banks, and mitigate the risks of banks’ “non-bank” activities.