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Europe tames its banks


The EU wants to establish a banking union to break the vicious circle of private and public debt. Is this the next step on the path to political union or is the Eurozone manoeuvring itself into a mutualisation of debt that could prove fatal?



Main focus of Monday, 27. October 2014

Thirteen banks fail ECB stress test

Thirteen out of 130 European banks have failed the European Central Bank's stress test. But in general the banks are healthier than many experts believed, ... » more


La Stampa - Italy | Monday, 27. October 2014

State bank bailouts rewarded

Italy came off worst in the ECB's stress test: » more


Naftemporiki - Greece | Monday, 27. October 2014

Results give Athens leeway

Three Greek banks failed the ECB's stress test, although one has already been able to close its equity gap since the test day. All told there are only four systemically important banks left in Greece. The conservative daily Naftemporiki nevertheless believes the results give the government in Athens the necessary political tailwind: » more


Tages-Anzeiger - Switzerland | Monday, 27. October 2014

ECB has passed its own stress test

The ECB's bank stress test has been a successful rehearsal for the banking union, the daily Tages-Anzeiger comments: » more


Diário Económico - Portugal | Friday, 21. March 2014

Moving closer to banking union

After months of wrangling, negotiators from the European parliament, the EU member states and the European Commission agreed on Thursday on a standardised system for the resolution of failing banks. At last the huge project of creating a banking union is taking shape, the liberal business daily Diário Económico comments jubilantly: » more


Main focus of Thursday, 12. December 2013

Final spurt towards banking union

The project of a banking union is taking shape. The EU finance ministers agreed on Tuesday night on a plan for closing down insolvent banks. ... » more


Spiegel Online - Germany | Thursday, 12. December 2013

Berlin has pushed through banking union light

Germany has once again pushed through its own interests - to the detriment of the banking union, columnist Wolfgang Münchau criticises on the news portal Spiegel Online: » more


Karjalainen - Finland | Thursday, 12. December 2013

Campaign ammunition for the EU's critics

The euro-critical parties will capitalise on the banking union in the campaign for the European elections, the liberal daily Karjalainen predicts: » more


El Mundo - Spain | Thursday, 12. December 2013

Germany can't call the shots on its own

Following the meeting of the EU finance ministers the German banks praised Wolfgang Schäuble for his tough stance in the negotiations: » more


Delo - Slovenia | Thursday, 12. December 2013

One problem less, at any rate

The banking union in its watered-down version solves a few, but by no means all of the Eurozone's problems, the left-liberal daily Delo writes: » more


Main focus of Thursday, 11. July 2013

New strategy for bankrupt banks

The European Commission presented a concept for the resolution of European banks on Wednesday. In future the banks themselves should cover the costs of restructuring ... » more


Deutschlandfunk - Germany | Thursday, 11. July 2013

Banks in better hands at a European level

Even if the government and banks in Germany are against the European Commission's plans, setting up a European bank resolution authority is the right approach, the public broadcaster Deutschlandfunk argues: » more


Rzeczpospolita - Poland | Thursday, 11. July 2013

A drop in the ocean

The bank resolution fund proposed by the EU is an insufficient guarantee against future crises, the conservative daily Rzeczpospolita contends: » more


Il Sole 24 Ore - Italy | Thursday, 11. July 2013

Germany must also take on risk

Germany is opposed to the plans for the dissolution of ailing banks proposed by EU Commissioner for the Internal Market and Services, Michel Barnier, much to the regret of the liberal business daily Il Sole 24 Ore: » more


Il Sole 24 Ore - Italy | Tuesday, 14. May 2013

Berlin wants to protect its banking system

Germany's Finance Minister Wolfgang Schäuble has called in the Financial Times for a two-step approach on the path to a banking union, with a network of national bank resolution authorities being set up for the short term and a central authority taking over only once the EU treaties have been changed. The Germans are using stalling tactics because Berlin doesn't want to play with an open hand, the liberal business daily Il Sole 24 Ore complains: » more


Il Sole 24 Ore - Italy | Wednesday, 8. May 2013

Berlin backs down on banking union

During their meeting in Berlin on Tuesday German Finance Minister Wolfgang Schäuble and his French counterpart Pierre Moscovici declared their intention to press ahead with the creation of a pan-European banking union as far as possible before the EU summit in June. Germany has certainly changed its tune, the liberal business paper Il Sole 24 Ore writes mockingly: » more


Financial Times - United Kingdom | Wednesday, 20. March 2013

Banking union too late for Cyprus

The leading negotiators of the European Parliament and the member states agreed on the legal framework for central banking supervision as a first step towards a banking union on Tuesday. If the banking union were already in operation the problems Europe now faces regarding Cyprus's bailout could have been avoided, the liberal daily Financial Times believes: » more


Il Sole 24 Ore - Italy | Thursday, 7. February 2013

Berlin endangers European bank regulation

The German government wants to introduce a law by 2014 which could force banks to separate risky investment banking from their classical savings and loans business. By pushing ahead with this independent initiative Berlin would torpedo a corresponding initiative for European bank regulation, the liberal business paper Il Sole 24 Ore notes: » more


Diário de Notícias - Portugal | Monday, 14. January 2013

Banks should be treated like companies

Switzerland's oldest bank Wegelin & Co. has announced that it will close down after paying fines for aiding tax evasion. It had pleaded guilty before a US court at the beginning of January and agreed to pay fines amounting to around 58 million dollars. The liberal-conservative daily Diário de Notícias is delighted to see that the misdemeanours of the bank are not affecting the taxpayer, as they do in Europe: » more


La Vanguardia - Spain | Thursday, 10. January 2013

Fear of Irish egoism

Irish Prime Minister Enda Kenny and EU Council President Herman Van Rompuy discussed on Wednesday the problems that need to be resolved in the EU. The greatest challenge for Ireland will be to bring its own interests in line with those of the European Union, the daily paper La Vanguardia writes: » more


Knack - Belgium | Monday, 7. January 2013

The banking lobby wins again

The Basel Committee on Banking Supervision decided on Sunday that banks will be given four more years to build up liquidity buffers. In addition to government and corporate bonds, mortgage securities and even shares are recognised as liquid reserves. The banking lobby has won out, the liberal weekly paper Knack writes in dismay: » more


Main focus of Friday, 14. December 2012

EU postpones reforms until 2013

The EU heads of state and government postponed reforms for closer cooperation on economic policy on Friday at their summit meeting in Brussels. EU Council ... » more


Público - Portugal | Friday, 14. December 2012

Banking supervision step in right direction

Even on the agreed measures for bank supervision Germany is calling the shots, the liberal daily Público writes: » more


Eesti Päevaleht - Estonia | Friday, 14. December 2012

A step in the direction of a stronger Union

Now that the first steps are being taken towards a banking union the liberal daily Eesti Päevaleht sees this as a good sign that the EU is growing stronger, something from which Estonia also stands to benefit: » more


NRC Handelsblad - Netherlands | Thursday, 13. December 2012

This is not effective banking supervision

After the EU finance ministers reached a deal on bank supervision on Thursday morning, further elements of a banking union, for example a central mechanism for liquidating troubled banks, were discussed by the heads of state and government at their summit without any concrete decisions. As far as the liberal daily NRC Handelsblad is concerned the agreements reached up to now don't go far enough: » more


Main focus of Thursday, 13. December 2012

EU finance ministers agree on bank supervision

On Thursday morning the EU finance ministers agreed on a deal for European banking supervision. The compromise foresees the ECB taking over the supervision of ... » more


Financial Times - United Kingdom | Thursday, 13. December 2012

Germany cedes ground

After a long period of disagreement about the key points of banking supervision Germany and France reached an agreement on Tuesday prior to the meeting of EU finance ministers. Berlin ceded ground on Tuesday, paving the way for a banking union, the liberal business daily Financial Times writes: » more


Diário Económico - Portugal | Thursday, 13. December 2012

Not much left of the good idea

The organisation of the banking supervisory authority has been the source of so much bickering that not much is left of the ambitious idea of leading Europe to a true banking union, the liberal daily Diário Económico regrets: » more


Göteborgs-Posten - Sweden | Thursday, 13. December 2012

Non-euro countries should take part

Sweden's Finance Minister Anders Borg on Wednesday announced his country would not participate in the planned bank supervision, on the grounds that non-euro states are not granted sufficient influence. The liberal daily Göteborgs-Posten urgently calls on Sweden to participate: » more


Kurier - Austria | Wednesday, 12. December 2012

Insolvency laws for banks more important

Setting up a central supervisory authority for major banks is a good idea but resolving a different problem should have taken priority, the liberal daily Kurier writes: » more


Die Welt - Germany | Wednesday, 12. December 2012

ECB unsuited as banking supervisory authority

Just a few hours before the meeting of EU finance ministers today, Germany and France have reached a compromise on the planned supervision of banks in the Eurozone. But it's wrong for the ECB to supervise all major and state-supported banks, the conservative daily Die Welt writes: » more


El País - Spain | Thursday, 6. December 2012

Germans and British endanger banking union

The negotiations among the EU finance ministers on a European banking supervision authority were postponed to next week on Tuesday after failing to produce a result. German Minister of Finances Wolfgang Schäuble had voiced opposition to the idea of the ECB as sole supervisory authority. The left-liberal daily El País accuses Germany and the UK of jeopardising a solution to the bank crisis with their demands for special treatment: » more


Ekonomika - Lithuania | Tuesday, 30. October 2012

Banking union would be good for Lithuania

Like other non-euro countries Lithuania displayed little enthusiasm for a banking union at the EU summit held in mid-October, but it still wants to join the monetary union. However you can't really have the one thing without the other, the weekly magazine Ekonomika.lt points out: » more


Lidové noviny - Czech Republic | Tuesday, 23. October 2012

Brexit would be a catastrophe

The conflict between Germany and the UK over the EU budget is coming to a head. According to a report by the Financial Times Deutschland, Chancellor Angela Merkel is considering having the budget summit planned for November called off if Prime Minister David Cameron holds to his veto against a raise. The conservative daily Lidové noviny fears the British may react out of spite: » more


La Tribune - France | Tuesday, 23. October 2012

Howard Davies on the flawed banking reform

The goal of banking reform is to give Europe cohesion, but in its current form it is doomed to fail, writes economist Howard Davies in the business paper La Tribune: » more


The Irish Times - Ireland | Tuesday, 23. October 2012

Hope for Ireland's banks

In talks with Irish Taoiseach Enda Kenny, German Chancellor Angela Merkel has encouraged hopes that Ireland's banks will be able to recapitalise directly through the euro bailout fund, the ESM. After the meeting the Irish government announced that "Ireland is a special case". The left-liberal daily The Irish Times expresses relief: » more


Expressen - Sweden | Sunday, 21. October 2012

Sweden must stay clear of rash banking union

The fact that the planned introduction of central banking supervision will be delayed is a positive signal from the EU summit, the liberal daily Expressen contends: » more


Main focus of Friday, 19. October 2012

EU reaches compromise on banking supervision

At the EU summit the heads of state and government last night agreed on a rough schedule for setting up Eurozone banking supervision. The supervisory ... » more


Handelsblatt - Germany | Friday, 19. October 2012

Berlin delays banking supervisory authority

Even if there a rough timetable for the banking union now exists, the EU summit leaves many questions unanswered, the liberal business daily Handelsblatt comments: » more


ABC - Spain | Friday, 19. October 2012

Merkel puts re-election before Europe

German Chancellor Angela Merkel has got her way regarding the schedule for the creation of a banking union. The project now won't be launched on January 1, 2013, as France and other countries had hoped. The conservative daily ABC accuses Merkel of selfish strategising ahead of the German elections next year: » more


Il Sole 24 Ore - Italy | Friday, 19. October 2012

No banking union without fiscal union

Participants at the EU summit are reluctant to come out say what a banking union actually entails, the liberal-conservative business paper Il Sole 24 Ore criticises: » more


Le Figaro - France | Wednesday, 17. October 2012

French solidarity against German control

Given that French President François Hollande's ideas run counter to the German position, the conservative daily Le Figaro doubts that an agreement will be reached at the EU summit: » more


Sydsvenskan - Sweden | Wednesday, 17. October 2012

Sweden's tough demands for banking union

Swedish Prime Minister Fredrik Reinfeldt met German Chancellor Angela Merkel on Tuesday when he travelled to Berlin to watch the World Cup qualifying match between Germany and Sweden. His declared aim was to formulate demands for the event that non-euro countries join the banking union. The liberal daily Sydsvenskan doesn't believe he was successful. "Sweden rightly has set three tough conditions for agreeing to participate in the banking union: » more


Trouw - Netherlands | Wednesday, 17. October 2012

Northern Europe won't play along

Schäuble's initiative is a counterconcept to EU Council President Herman Van Rompuy's plan for stronger economic integration of the EU, which the German finance minister considers too vague. But for the Christian-social daily Trouw Van Rompuy's calls for centralised bank supervision, debt mutualisation and the Eurozone to have its own budget go too far: » more


Les Echos - France | Monday, 8. October 2012

Europe's lethargy will cause next recession

According to three leading European economic institutes, the economy of the Eurozone will shrink until the end of the year and stagnate in the first two quarters of 2013. The liberal business paper Les Echos writes that the euro countries should finally take concerted action to fight the crisis: » more


Jyllands-Posten - Denmark | Monday, 17. September 2012

Stop banking union with veto if needed

The EU finance ministers discussed on Friday and Saturday in Nikosia the creation of a banking union that would encompass all of the Eurozone's roughly 6,000 banks. The liberal business daily Jyllands-Posten remains sceptical about the idea, especially since non-euro countries like Denmark would potentially also be able to participate in the bank supervision without however having any say in the institution: » more


Zeit Online - Germany | Monday, 10. September 2012

Banking union furthers integration

The planned banking union is a historic step on the path to further integration in Europe, hedge fund consultant Dieter Wermuth writes on the online portal of the liberal weekly Die Zeit: » more


Diário de Notícias - Portugal | Thursday, 6. September 2012

ECB may triumph against powerful Germany

With a sense of anticipation the liberal-conservative daily Diário de Notícias looks forward to the ECB governing council's meeting today, noting that massive market intervention may be approved against powerful Germany's will: » more


De Tijd - Belgium | Tuesday, 4. September 2012

Belgian solo on bank reform pointless

The Belgian Prime Minister Elio Di Rupo has announced a bank reform in his country that would effect a separation of commercial banks and investment banks. This is a pointless measure if it is taken by Belgium alone, the business paper De Tijd writes: » more


Der Standard - Austria | Tuesday, 17. July 2012

IMF couldn't care less about constitutions

The International Monetary Fund came out on Monday in favour of a banking union and a European-wide deposit insurance programme as a key step in solving the euro crisis. But whether such measures can be justified constitutionally seems to be a matter of indifference for the IMF, the left-liberal daily Der Standard writes: » more


Il Sole 24 Ore - Italy | Tuesday, 10. July 2012

Berlin not in a hurry on euro crisis

Despite the immediate help for Spain's banks the yield on Spanish bonds reached a critical level at over seven percent on Monday. On the same day Germany benefited from negative interest rates on its own government bonds. Obviously the crisis is not hurting everyone, and this is why the meeting's basic agenda has been postponed, the liberal-conservative Il Sole 24 Ore concludes: » more


Kainuun Sanomat - Finland | Tuesday, 10. July 2012

Banking union hardly possible for Finns and Germans

The Finnish Finance Minister Jutta Urpilainen declared in an interview in the run-up to the meeting with her European colleagues that Finland would rather quit the Eurozone than pay for the debts of other countries. Although Helsinki is unlikely to carry out its threats unilaterally, the fact is that Finland and Germany will have trouble tolerating the next steps planned for solving the crisis, the liberal daily Kainuun Sanomat argues: » more


Sme - Slovakia | Tuesday, 10. July 2012

Constitutional Court will decide euro's fate

The German Constitutional Court will start examining the question of whether the ESM euro bailout fund and the fiscal compact for budgetary discipline are compatible with Germany's Basic Law today, Tuesday. A decision is expected in a few weeks. The liberal daily Sme talks of the approach of a "predetermined breaking point" for the euro: » more


ABC - Spain | Thursday, 28. June 2012

Get banking union underway

The single currency threatens to collapse unless the EU summit sends a clear message that fiscal union is on the way, the conservative daily ABC warns: » more


Spiegel Online - Germany | Monday, 25. June 2012

Common EU government unavoidable

German Chancellor Angela Merkel must show at the EU summit at the end of the week that she has confidence in Europe, writes the news portal Spiegel Online, predicting that a common European government is inevitable: » more


Die Tageszeitung taz - Germany | Monday, 25. June 2012

Big four summit evades sensitive issues

The heads of state and government of the four major euro states Germany, France, Italy and Spain convened in Rome on Friday for a crisis meeting. But they failed to tackle the burning issues in their talks, the leftist daily taz criticises: » more


La Stampa - Italy | Monday, 25. June 2012

Banking union colossal task for ECB

EU Council President Herman Van Rompuy has now also spoken out in favour of a European banking union in an interview published in the Welt am Sonntag. Van Rompuy is understandably pinning his hopes on the driving force of the European Central Bank, which faces a colossal task, writes the liberal daily La Stampa: » more


Spiegel Online - Germany | Thursday, 21. June 2012

For Wolfgang Münchau Merkel's policy leads to Dante's Inferno

German Chancellor Angela Merkel's crisis policies will lead straight to the biggest bankruptcy the world has ever seen, columnist Wolfgang Münchau fears in the news portal Spiegel Online: » more


Politiken - Denmark | Tuesday, 12. June 2012

Clearly separate banks from state treasuries

In view of the new bailout plan for Spain's banks on the weekend, the left-liberal daily Politiken demands that a clear distinction be made between states and their banks: » more


Il Sole 24 Ore - Italy | Sunday, 10. June 2012

Europe needs political integration now

The bailout for the Spanish banking sector does not fulfill the precondition for saving the euro, writes the liberal-conservative business paper Il Sole 24 Ore, calling for immediate political integration: » more


Il Sole 24 Ore - Italy | Friday, 8. June 2012

Cameron's cynical advice on saving euro

German Chancellor Angela Merkel and British Prime Minister David Cameron called for stronger integration of the Eurozone at a bilateral meeting on Thursday in Berlin. It's all very well for London since it's only protecting its own interests, writes the liberal-conservative business paper Il Sole 24 Ore: » more


Handelsblatt - Germany | Friday, 1. June 2012

Not enough solidarity for banking union

There are two drawbacks to a European banking union as proposed first by the EU Commission and now by ECB chief Mario Draghi, writes the liberal business paper Handelsblatt: » more


Il Sole 24 Ore - Italy | Friday, 1. June 2012

Time for a banking union

Draghi's initiative aimed at forming a European banking union comes just at the right moment, the business paper Il Sole writes: » more


 

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