Friday, December 14, 2012

The great leap forward in union bank

The great leap forward in union bank

Europe strives to follow the paths of apparent technocracy. The pooling of coal and steel in 1950, could be seen as an obscure agreement forges European masters. He was a major political jump, which made the war between France and Germany "physically impossible" and began a European integration irreversible.

It is the same union bank decided Thursday, December 13 at dawn by the finance ministers of the Twenty-Sept. This decision marks a leap forward, which aims to make, not the war, but the death of the euro impossible.

According to the invention, in 2010, the European Solidarity Fund, to rescue struggling states, the Europeans have just corrected a second fault construction of the Maastricht Treaty: the vulnerability of economic and monetary union banking crises .

At the time, no one had expected that the interpenetration of financial markets and credit institutions as it would allow a country representing 2% of the wealth of the Union - Greece - , to sink the entire euro zone.

Rescue bailout, Europe has entered a vicious circle: after the bankruptcy of Lehman Brothers in 2008, states have had to recapitalize banks and are indebted banks, which became more confident, have purchased bonds issued by these countries indebted. Add to this the housing bubble, government deficits and European competitiveness: in fine, no one knew if it would be refunded.

When Spanish banks have threatened to sink the spring of 2012, the idea of ​​a banking union is imposed to save themselves, the Europeans were spared by the crisis bailout failed institutions directly. The Germans have rightly demanded a prior surveillance of banks by the European Central Bank (ECB). This first stage has been reached. From 1 March 2014 all European banks will be supervised by the ECB, and which ones will be rescued in 2013.

Supervision is only a first, which must be accompanied by a European mechanism for managing crises and bailouts. This second stage will also be difficult to implement. Including for France if the Paris accepts the authority of the Governor of the Banque de France when required by the merger of two French banks who have committed mistakes, it is not sure she agrees as easily when the decision will be made in Frankfurt. Tomorrow, Societe Generale, Kerviel affair will be settled in Frankfurt. This is not significant.

The third step is to establish a European deposit guarantee. It would be the crowning of the banking union. It is desirable, but rejected by Berlin. It is remote, as distant as the Federal Union.

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