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.
The Pilgrims Were Definitely Not Like Modern-Day Refugees 2015-11-27 20:01
This upcoming Thanksgiving Day is sure to offer you and your family plenty of opportunities to argue over whether America should be welcoming Syrian refugees.
If you have any liberal relatives or friends coming over for your Thursday feast, theyâ€™re going to relish the chance to tell everyone that the Pilgrims were refugees too â€” and hope that statement decimates all ...
ISIS to France: "We will be coming. Victory has been promised to us by Allah" 2015-11-26 3:33
Homegrown French ISIS fighters have issued a chilling threat of new attacks on France just 24 hours after the terrorist group used movie footage of the Eiffel Tower's collapse in another video.
A balaclava-clad militant is seen warning 'we will be coming, we will come to crush your country' in footage posted on Twitter earlier today.
It is unclear where the film ...
ISIS teenage 'poster girl' Samra Kesinovic 'beaten to death' as she tried to flee the group 2015-11-26 1:07 She appeared in social media images for the group carrying a Kalashnikov and surrounded by armed men
A teenage girl who ran away from her Vienna home to join Isis in Syria has reportedly been beaten to death by the group after trying to escape.
Samra Kesinovic, 17, travelled to Syria last year with her friend Sabina Selimovic, 15.
The two became a ...
The Right Stuff's flagship podcast "The Daily Shoah" has been censored by Soundcloud 2015-11-25 22:56
Editor's note: The PC corporate moral police strike again. Just as Radio 3Fourteen & Red Ice Radio were censored from iTunes, The Daily Shoah was pulled from Soundcloud today. As per usual, there is a double standard, they allow any kind of anti-White material:
No counter culture humor making fun of the genocidal mainstream garbage is allowed!
Soundcloud took it upon ...
Merkel Welcomes A Million More: Vows To Stand By Refugee Policy Despite Security Fears 2015-11-25 21:05
Chancellor Angela Merkel vowed on Wednesday to stick to her open-door refugee policy, defying criticism at home and abroad which has intensified due to growing fears about a potential security risk after the Islamist attacks in Paris.
Conservative Merkel faces splits in her right-left coalition and pressure from EU states, including France, over her insistence that Germany can cope with up ...