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FSN: UK on Collision Course With Germany Over Eurozone Banking Regulator
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
Britain has pushed for Brussels’ new banking regulator to supervise all 6,000 eurozone banks – including Germany’s Landesbanks – in a move that puts London on a collision course with Berlin.
by Bruno Waterfield, in Brussels
Telegraph.co.uk
In a secret British negotiating document, seen by The Daily Telegraph and distributed in Brussels, the Treasury has argued that leaving smaller German banks outside the proposed bank union would “pose significant risks to euro area financial stability”.
Under the banking union plans unveiled by the European Commission on Wednesday, the European Central Bank (ECB) could be given sweeping new powers to supervise eurozone banks, including the authority to issue and withdraw banking licences.
Jose Manuel Barroso, president of the EC, said the banking union was key to solving the debt crisis and to achieving the wider goal of creating a “federation of nation states” in Europe.
Continue Reading at Telegraph.co.uk…
2012-09-13 07:39:07
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