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Reuters (via Chicago Tribune): Bank union won't absorb old risks: ECB's Weidmann (September 27, 2012)
"Anything else would be a financial transfer and those should be made transparent and not hidden under the cloak of a banking union," he said. "The primary goal of a banking union cannot be the sharing of risks."

Earlier this week, a deep divide opened between the bloc's fiscal conservatives - Germany, Austria, the Netherlands, and Finland - and its more needy partners when the four nations said that a clear line needed to be drawn between new and "legacy" difficulties that could be shouldered by the euro zone's permanent rescue fund, the ESM.

The new position, which appeared to unravel much of the bank recapitalization plans agreed at the last European summit in June, made it clear that highly indebted banks in Spain, Ireland and Greece will remain the responsibility of those countries' governments.



I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Fri Sep 28th, 2012 at 09:32:11 AM EST
[ Parent ]

  • "We can have a banking union, but it mustn't be a banking union!"

  • "I will not allow my central bank to perform a primary function of a central bank."

  • "I refuse to solve this problem!"


-----
sapere aude
by Number 6 on Fri Sep 28th, 2012 at 09:48:11 AM EST
[ Parent ]
i am extremely well remunerated to reiterate insane drivel until i disappear below the waves.

a titanic orchestra, 1-2-3, 1-2-3, gurgle gurgle...

it also reminds me of someone holding two shorting cables in their hand and the juice paralysing their nervous system.

one cable being the 'markets' (those b-a-d speculators, gambling for the shirt off europe's back, and cog-diss alert the other cable being that these scary scary 'market forces' are nothing more than granma's portfolio managers trying to keep her savings from becoming extinct!)

it's the same fucking money, but instead of going round and round, the institutions are creaming so much off the top and being fear-based anal retentives, are hoarding offshore. it's all reactionary, reflexive.

this farce cannot but further descend into tragedy, unless the blocks and backchannels are removed and money can serve its proper function by circulating within the financial system, all the way through down to the bottom where it's most needed.

too many clever-clever monkey games.

so totally unnecessary for a sane society, useless as tits on a bull...

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Fri Sep 28th, 2012 at 04:12:15 PM EST
[ Parent ]

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