A eurozone’s press review of the coverage about the banking union project gives a crystal picture of the mess: the division is growing between Germany’s position and the rest of its currency area partners.
Don’t expect a single penny to be spent on banking restructuring processes for a long time to come, a nasty prospect for neighbours anxiously awaiting the common supervision agreement to clean up their messy financial industry.
MADRID | Germany has made clear to its partners they must lose all hope about increasing financial solidarity in a foreseeable future. Eurobonds and funds to prevent external shocks are to be shelved for the time being.
EU has once and again proved it can only curb its dwarfing tendency when confronted to emergency situations. Let’s hope the row over the Banking Union governance is settled well before the next one.
79% of survey respondents expect the European Central Bank will supervise all euro zone banks, in line with the European Commission’s legislative proposal for a single watchdog.
Are we there yet? In XTB analyst Miguel Ángel Rodríguez’ opinion, we aren’t even close to get a simple agreement on which to lay the foundations of the much urgent banking and fiscal union for the euro zone. Yet, the picture is becoming clear about what to do next to succeed.
MADRID | “Given that it took four years to complete the negotiations of the Treaty of the Union until it was signed in 1992, given the depth of the issues, it is conceivable that this time it won’t be a lot simpler,” says Carlos Díaz Güell.
Miguel Ángel Rodríguez, financial analyst at XTB, accuses core euro governments of impeding progress towards a real Banking Union that would stop contagion spreading from public debt risk to credit entities.
As European financial crisis enters a critical stage, should the ECB have the power to supervise all euro zone banks as well as those in non-euro zone countries that choose to become part of a single mechanism or shall it focus on monitoring only the big, systemic banks instead? European commissioner for economic and monetary affairs Olli Rehn believes in the first approach; German Finance Minister Wolfgang Schaeuble has rejected…
i want you back letter for boyfriend LONDON | The European Commission on Wednesday tumbled and mumbled about the set up of a banking union. Although urgently needed, it would only languish in the corridors, even provided a sudden agreement to push it through could be met. The European Union has no main political door, as it lacks of an executive body directly propped up by a legislative chamber: both…