Tuesday, 4 December 2012

Trouble at mill

The French and Germans are falling out and the UK is stirring the pot.

From today's Daily Telegraph:

Germany finance minister Wolfgang Schaeuble says German lawmakers are likely to reject proposals giving the European Central Bank power to supervise all banks in the 17-nation euro area, while France's Pierre Moscovici called for ministers to avoid a two tier system where only some banks are supervised.
Mr Schaeuble said:
QuoteNobody believes that any European institution would be capable of supervising 6,000 banks in Europe - maybe not in this decade, to be very frank.
Mr Moscovici said:
QuoteWe have no remit for a dual system of supervision which would call into question the existence of a single system for some banks. The ECB must supervise all banks with a European passport.

Meanwhile the UK is voicing its objection to any development which affects the single market.


As the president of the European Commission bleats out the mantra of 'ever closer union' is this a foretaste of battles ahead?

No sooner said and this appears!:





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