The year that just ended was rather nasty to the European Union and the New Year 2016 won’t be any better. The economic, financial and political problems culminated to the migration crisis in the second half of 2015, with Greece implicated in more than one of the abovementioned predicaments. The lagged reaction of Brussels to […]
Eurozone close to agreeing on a Banking Union
In the small hours of yesterday night, the ECOFIN Council agreed on a general approach over the single resolution board (SRB) and a single fund for the resolution of banks in Eurozone. These are the main tools of the Single Resolution Mechanism (SRM), which constitutes the second pillar of the grandiose European Banking Union project. […]
The financial future of Eurozone on the agenda of Friday’s ECOFIN council
The agenda of the Economic and Finance Ministers’ Council (ECOFIN) of 15 November in Brussels is very heavily loaded. The ‘Taxation of savings incomes’ and the ‘Revision of the Anti-Money Laundering Directive’ may be major issues, but the first reading of Commission’s proposal for the creation of the Single Resolution Mechanism (SRM) will haunt […]
Draghi, Letta: All Eurozone countries must be able to borrow like Germany
The reduction of European Central Bank’s basic rate from 0.75% to 0.5 % was the less important news from Bratislava, Slovakia, yesterday where the governor of the central bank, Mario Draghi, presented the decisions of the bank’s Governing Council and answered questions from journalists. Not even the possibility of a new interest rate cut soon […]
More bank bailouts at taxpayers’ expenses
Yesterday the European Sting wrote that the Vítor Constâncio, Vice-President of the European Central Bank was asking for more taxpayers’ money to support careless “systemic” banks in case they fail. Possibly he could have longed to deny this “accusation”. To this effect he will get the floor here below to defend himself. In a speech […]
ECB asks for more subsidies to banks
The European Union authorities have so far bestowed hundreds of billions of EU taxpayers’ money to the European Stability Mechanism and the European Financial Stability Facility of a total value of at least €700 billion, to be used to bailout banks and not only. As if those practically unlimited resources were not enough to secure […]