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.

http://www.telegraph.co.uk/finance/financialcrisis/9722704/Britain-threatens-to-veto-EU-bank-supervisor.html

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!:

http://www.telegraph.co.uk/finance/financialcrisis/9724690/Euro-blueprint-gives-Brussels-economic-sovereignty-over-members.html

Meanwhile:

http://www.spiegel.de/international/europe/as-juncker-steps-down-french-minister-moscovici-could-head-euro-group-a-870871.html

http://www.spiegel.de/international/europe/euro-crisis-is-past-its-peak-eu-commissioner-says-a-871330.html
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