Benoît Cœuré, a Member of the Executive Board of the European Central Bank, delivered a speech today on “The implications of bail-in rules for bank activity and stability”. This was the opening speech at conference on “Financing the recovery after the crisis – the roles of bank profitability, stability and regulation”, staged by Milan’s Bocconi […]The banks want now free capital from taxpayers
September 30, 2013 by 1 Comment
Benoît Cœuré, a Member of the Executive Board of the European Central Bank, delivered a speech today on “The implications of bail-in rules for bank activity and stability”. This was the opening speech at conference on “Financing the recovery after the crisis – the roles of bank profitability, stability and regulation”, staged by Milan’s Bocconi […]At last a solid base for the European Banking Union
June 27, 2013 by Leave a Comment
The Ecofin Council, regrouping the 27 EU ministers of Finance, struck an agreement at 2.00 o’clock this morning over the much debated ‘bank resolution and recovery’ draft directive. As it usually happens in the European Union the final agreement between member states on crucial issues does not go all the way through, but still offers […]Italy’s Letta: A European Banking Union soon or Eurozone collapses
May 22, 2013 by Leave a Comment
While the European Council of the 27 EU leaders has only ‘energy’ and ‘taxation’ in its agenda today, with poor results expected on both accounts, the hot issue of the European Banking Union will probably consume most of the time in the side meetings. The enactment of the EBU has become now the main point […]Eurozone dignitaries play with people’s life savings
April 12, 2013 by Leave a Comment
The informal Eurogroup and Ecofin meetings in Dublin today and tomorrow will discuss but are not expected to come up with decisions on two burning and closely interrelated financial issues. It is about the relaxation of bank secrecy legislation in certain EU member states like Austria and Luxembourg and the procedures to be followed from […]Eurozone bank rescues ‘a la carte’ until 2015 then only bail-ins
April 8, 2013 by Leave a Comment
The fact that the Eurozone does not have a standard procedure to deal with failing or about to fail banks and the national bankruptcy laws of the 17 member states are far from offering a relevant solution, has prompted the two most competent persons in the Union to describe the way such dealings will be […]Draghi reveals how failing banks will be dealt, may cut interest rates soon
April 5, 2013 by 1 Comment
The governor of the European Central Bank, Mario Draghi, speaking yesterday in his regular monthly Press conference after the Governing Council meeting, was rather straight forward on two crucial fronts. First, he left to be clearly understood that if the now prevailing unfavourable economic conditions in the Eurozone continue, with recession dragging on and the […]EU Directive makes haircut on uncovered deposits a standard in bank bail-ins
March 31, 2013 by Leave a Comment
What happened in Cyprus was neither improvised nor exceptional. Peoples’ bank deposits above the secured benchmark of €100.000 were confiscated according to a very important proposal for a Directive which was forwarded from the Commission to the European Council and the European Parliament last June under the name of “Proposal for a DIRECTIVE OF THE […]Eurogroup president swallows statement on savings confiscation
March 26, 2013 by Leave a Comment
Even if last weekend’s negotiations over the Cyprus problem were so demanding and exhausting for Jeroen Dijsselbloem, the Dutch minister of Finance and President of Eurogroup is not excused for having said that the solution agreed for Cyprus will be from now on the standard arrangement for any future financial bailout or rather bail-in in […]Why and how Germany had it again its own way in Cyprus
March 25, 2013 by 1 Comment
The final agreement reached between the Eurogroup and the Cypriot authorities contains two pivotal elements. The first is a draconian downsizing of the tiny country’s overgrown banking system. The second and less important element is “an independent evaluation of the implementation of the anti-money laundering framework in Cypriot financial institutions, involving Moneyval alongside a private […]Berlin wants to break South’s politico-economic standing
March 25, 2013 by Leave a Comment
Amidst the Cyprus banking crisis there was no room in the first page of mainstream media, to analyse and comment on the decision of the Spanish government to impose a haircut (tax), albeit small, on the country’s bank deposits to the tune of €3 to every thousand. In the face of it, the Madrid exchequer […]
