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@bert_hubert practically every paragraph here resonates deeply.

For argument's sake a minor quibble with this: "Instead we have tons of highly educated folks ... building complex financial constructs"

Here too, it is (was) mostly imported US financial thinking / tools, which sort of stopped after we got seriously burned. Europe's financial system is in a half-baked post-crisis limbo that competes in under-performance (and ultimately merges with) the dire state of its digital infrastructure.