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Last Thursday, the European Central Bank decided to keep flooding the Eurozone with hundreds of billions, despite strong objections coming from the frugal German-Dutch duo. Mario Draghi was adamant about that. It’s interesting to follow his response to a journalist’s remark, who reminded him that the “Dutch Central Bank President Klaas Knot said in a […]
Last Thursday morning this newspaper concluded that the “only EU institution with true European motives and vision remains the European Central Bank of Mario Draghi”. Just some hours later in that Thursday afternoon the European Sting was confirmed one hundred percent by Mario Draghi, the President of ECB, who said that “We have a mandate […]
Last Monday 10 November the Financial Stability Board, an international non-binding body based in Basel which comprises government and central bank officials from G20 countries had a bright idea for the lenders. They admitted that the 30 “too big to fail” major world banks should retain at least 20% of their risky assets in own […]
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 […]
The Ecofin Council, the EU body that regroups the 27 Ministers of Finance, probably the most powerful institution of the European Union, is to conduct its regular meeting this Monday and Tuesday 13 and 14 May. On its agenda the main item will be a Commission’s proposal for a crucial Directive, establishing a framework for […]
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 […]
Cyprus Popular Bank Pcl’s uninsured depositors, with account balances above the €100,000 benchmark, will suffer an almost total loss of their money. The haircut agreed between the Cypriot government and the Eurogroup may reach 80%, while the rest 20% will be returned after the liquidation of CPB’s assets, a procedure that may take years and […]
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 […]
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 […]
The latest and most important rhapsody in the Cyprus tragedy was performed yesterday morning by the twenty-three members of the European Central Bank’s governing council. The text issued by them was very brief and went like this: “The Governing Council of the European Central Bank decided to maintain the current level of Emergency Liquidity Assistance […]
Not one Cypriot Parliamentarian voted yes for the draft bill proposal, providing for a haircut on all deposits in Cypriot banks. As a result the island’s financial system will remain shut down until Thursday, in the hope that a solution to the stalemate will be found. It was quite a spectacle to see all the […]
Monday’s night statement by the Eurogroup President, Jeroen Dijsselbloem, on Cyprus was the perfect field for a full PhD research, on the way decisions are made in the European Union. The problem is that until some years ago this kind of decision-making when wrong, and it usually was, had negative consequences only on subsidies paid […]
It seems that, some only theoretically serious decision-making political bodies, like the Eurogroup, collectively believe they can play with a haircut on bank deposits, as if it was a trivial matter. Unfortunately there is no other explanation. Institutions like the European Commission, the European Central Bank, the International Monetary Fund and of course the German […]
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