Europe moved a step closer to a banking union on Wednesday with a plan for the European Central Bank to supervise all euro zone banks, a cornerstone of closer fiscal integration designed to end years of financial turmoil in the region.
European Commission President Jose Manuel Barroso outlined the proposal in his annual “state of the union” address, laying out a path to further economic integration that he said he hoped would underpin the future of the euro currency.
The proposed banking reforms, which need to be approved by the European Union’s member states, aim to break the link between banks and states, preventing heavily indebted countries being sucked further into difficulty by distressed lenders in need of rescue.
It tackles a core element of the crisis that first struck banks in Europe almost five years ago and escalated into a sovereign debt crisis in 2010.
President of the European Commission Jose Manuel Barroso, Wednesday, Sept 12, 2012, at the European Parliament in Strasbourg, eastern France.
“The crisis has shown that while banks became transnational, rules and oversight remained national,” Mr. Barroso told members of the European Parliament. “We need to move to common supervisory decisions, namely within the Euro area.”
“The single supervisory mechanism proposed today will create a reinforced architecture, with a core role for the European Central Bank,” he said. “It will be a supervision for all Euro area banks.”
For the plan to work, it will require countries to surrender a degree of sovereignty over supervising their banks. This has long been a national responsibility, and the proposal has already led to tensions with Germany and Britain.
Although Britain, which is outside the euro zone, will not join the scheme, many international banks in London have operations in the euro area that will be affected by the ECB’s new supervisory reach.
VOTER FRAUD: Was the Scottish Independence Referendum Rigged to Fail? 2014 09 20
Was voter fraud committed during the Scottish Independence referendum?
It has been confirmed that the names of 10 people were already crossed off a voter list prior them voting inside a polling station.
According to reports, the Glasgow City Council confirmed that there were ten cases of suspected electoral fraud occurring at polling stations following the Scottish referendum vote on the 18th. ...
Scandinavians Split Over Syrian Influx 2014 09 20
This exemplifies the insanity of Scandinavia.
The narrow victory of the left-leaning Social Democratic Party in Sweden’s elections last Sunday marked a broad shift in its politics. But a new coalition government is unlikely to reconsider one of the country’s most challenging policies: its response to the Syrian civil war. Sweden has taken an open-door approach to people fleeing the conflict, ...
The Israel lobby in United Kingdom - Who Runs Britain? 2014 09 20 Who runs British politics? Who in Britain supports all the wars the UK has been involved in?
The Israel Lobby in the UK - Full Documentary By Peter Oborne from Dispatchees
Links from Youtube:
Zionist attack on western civilization
Reed Douglas - The Controversery of Zion
The cowardice at the heart of UK relationship with Israel
Close friends and allies: Prime Minister David Cameron ...
Another Palestinian Mass Grave Discovered, Evidence of Massacre 2014 09 20 Another mass grave discovered, evidence of 1948 Judaic holocaust by bullets, knives and bludgeons against Palestinians.
The Israeli military admits to have been surprised by the abilities of Palestinian resistance fighters during its recent war on the Gaza Strip.
A top Israeli military official says he’s impressed by the training of Palestinian resistance fighters from Hamas and the Islamic Jihad groups. He ...
Russian Media to be owned by Russians 2014 09 20 Comment: Russian media by and for Russians? Wow, revolutionary!
I guess they are stick of foreign oligarchs and zionist with dual citizenship.
Duma seeks limits on foreign ownership of Russian media companies
A group of opposition lawmakers have prepared a bill that orders Russian mass media companies to have at least 80 percent of their stock held by Russian investors.
The bill is backed ...