The Americans are preparing for the next financial crisis

Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, the central bank of the United States. (September 2014. US Governmnet work. No known copyright restrictions).

Last week, Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, in more than one ways revealed that the American central bank prepares to confront the next financial downturn. On Wednesday, 28 September, speaking at the House Financial Services Committee in Washington D.C. , she defended the Fed’s rigorous supervision over […]

No end to Deutsche Bank’s problems: new litigations in the US and frailty in EU stress test

Deutsche Bank Towers – Walkway from Tower A to Tower B. Headquarters in Frankfurt am Main. (Deutsche Bank Audiovisual Services, August 6, 2015).

Last Wednesday, Deutsche Bank’s shares fell by 4.5% in the first hour of trading in Frankfurt, after the bank released its second quarter results, showing a measly profit of €20 million, in comparison to €818 million last year. The percentage fall of this stock is the biggest ever in such a brief time in the […]

The Brits are not an exception and that’s why they voted to leave

A photographic synthesis from the “Vote Leave campaign for a Leave vote in the EU Referendum”, Audiovisual Services. It reminds to all main land Europeans that soon they would have to answer the questions of the Home Office official in order to enter the UK. Many of us do remember the procedure. (http://www.voteleavetakecontrol.org/campaign)

The choice made by a bit more than half of the adult Britons to exit the European Union has already triggered financial and political turmoil. In a short while the direct impact on people’s lives will start to materialize. Let’s count the most important adverse effects: the financial markets turmoil, the international trade fallout, the […]

The EU Parliament and the ECB unknowingly or unwillingly fail to protect our financial assets

European Parliament, Committee on Economic and Monetary Affairs. Public Hearing with Chair of the Supervisory Board of the European Central Bank. (From left to right) Costas Mavrides, Alfred Sant, Renato Soru, Pervenche Beres, Jakob von Weizsacker. (EP Audiovisual Services, Brussels - Belgium, 31/3/2015, © European Union 2015 РEP).

This week the European Parliament and the European Central Bank rather unknowingly or unwillingly failed to protect the European citizens from the attacks of ‘money sharks’. In two different occasions the two most important European institutions secured the bankers reign on peoples’ money. Let us take one thing at a time. When the average hard […]

Bankers don’t go to jail because they are more equal than us all

European Parliament President Martin Schulz walks to chair a vote at the plenary of the legislative on the European Banking Union. 7th Parliamentary Term in Strasbourg. (EP Audiovisual Services).

How come and despite the fact that bankers systematically and quite openly cheat hundreds of millions of people, usurping trillions from them, and the only ones of that trade that have been locked up in a penitentiary are the bosses of the three Icelandic banks Glitnir, Kaupthing and Landsbanki, which went bankrupt in 2008? All […]

What can stop the ‘too big to fail’ bankers from terrorising the world?

Irene Madsen, Team leader at the European Court of Auditors, Milan Martin Cvikl, and Angela Hodar McCann, Head of Unit at the European Court of Auditors (from left to right). Cvikl gave a press conference following the publication of the special report n° 5/2014 entitled "European banking supervision taking shape - EBA and its changing context" in which the European Court of Auditors assessed whether the Commission and the European Banking Authority (EBA) had satisfactorily carried out their responsibilities in setting up the new arrangements for the regulation and supervision system of the banking sector and to examine how successfully those new arrangements were functioning. The report found shortcomings in cross-border banking supervision, the assessment of the resilience of EU banks, and the promotion of consumer protection. (EC Audiovisual services, 2/7/2014).

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 […]

Eurozone: Bankers-politicians rig keeps robbing taxpayers

Alenka Bratušek, Slovenian Prime Minister at the rostrum, in the presence of Štefan Füle, Member of the EC in charge of Enlargement and European Neighbourhood Policy, Laurent Fabius, French Minister for Foreign Affairs and International Development, and Kristalina Georgieva, Member of the EC in charge of International Cooperation, Humanitarian Aid and Crisis Response, (seated, from left to right). International donors' conference for Bosnia and Herzegovina and Serbia after the devastating floods in the Balkans. (EC Audiovisual Services, 16/07/2014).

Last week the European Commission ruthlessly wrote the last chapter of the Slovenian financial tragedy. In it, this nation of only two million people was forced by Brussels to save with around €7 billion of taxpayers’ money (a bit less than one tenth of GDP) the overgrown, reckless, aggressive even fraudulent banking system of this […]

The ECB still protects the banks at the expense of the EU taxpayers

Emily O'Reilly European Ombudsman and European Commission President Manuel Barroso. (European Ombudsman, photographic library).

In a courageous decision, Emily O’Reilly, the European Ombudsman, condemned the decision of the European Central Bank not to disclose a letter the central bank’s then President, Jean-Claude Trichet, wrote to the Irish Finance Minister in November 2010. O’Reilly stated: “I regret that the Governing Council of the ECB has wasted an opportunity to apply […]

Poor Greeks, Irish and Spaniards still pay for the faults of German and French banks

From left to right: Mario Draghi, President of the European Central Bank, Olli Rehn, Vice President of the European Commission. ("The Council of the European Union" photographic library, 27/01/2014).

Government deficit decreased substantially in the third quarter of last year and reached -3.1% of the GDP in Eurozone. This is just one decimal point away from the 3% benchmark, set by the Treaty of Maastricht and the strict EU economic governance Regulations (the famous ‘two’ and ‘six’ packs). The gap between government income and […]

Berlin ‘orders’ the EU Parliament to compromise

The Party of European Socialists held its regular meeting ahead of the European Summit in Brussels last Thursday. The President of the European Parliament Martin Schulz pictured here, before heading to the meeting answered question by journalists in relation with the agreement on the structure of the European Banking Union, about to be endorsed by the 28 EU leaders. (EP Audiovisual Services 19/12/2013).

As expected the President of the European Parliament, Martin Schulz  strongly criticised  the agreement reached in the European Council by the 28 EU leaders, on the plan for the enactment of the Banking Union. He said, “The slower and inefficient a system is, the more expensive it will be”. However the Federal Minister for Finance […]