![Italian problems show banking union is long overdue, not premature](https://s.wsj.net/public/resources/images/FN-AF838_FN_ITA_M_20190104021018.jpg)
Happy New Year, Italy.
The European Central Bank’s first act of 2019 was to take over a deeply troubled Italian bank, Banca Carige, and name a small team of managers and directors to engineer a long-delayed cash call. That move, according to the ECB, was the only way to sidestep a “resolution” procedure that would have crippled the bank’s shareholders and bondholders – the junior ones at least.