Eurozone slowly but surely builds its Banking Union

The Ecofin council, a regrouping of the 28 ministers of Finance of the European Union, yesterday confirmed the creation of the first pillar of the European Banking Union, by approving the regulation for the Single Supervisory Mechanism (SSM) to be built under the roof of the European Central Bank. This was a rather typical procedure, […]

The next 48 hours may change the European Union

A careful reading of the invitation letter the President of the European Council, Herman Van Rompuy, addressed yesterday to the 27 EU leaders for their 27 and 28 June 2013 meeting in Brussels reveals a lot about the European Monetary Union. This letter should be read in parallel with the announcement for today’s continuation of […]

The Banking Union divides deeply the European Union

As the European Sting predicted the ‘Friday battle at Ecofin’ Council was not about the specific country recommendations of the Commission, or about the seven-year extension of the loans to Portugal and Ireland, nor on the direct bank recapitalisation instrument. It was the very issue of the creation of the Banking Union and its core […]