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Il Sole 24 Ore - Italy | Friday, October 19, 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: "The last few months have demonstrated that the two decisive steps towards saving the euro - a banking and fiscal union - overlap to such an extent that creating a banking supervisory authority without a fiscal union, in other words without pooling financial resources, is implausible. Berlin, which wants to discuss both points, is aware of this but instead of accelerating the two steps Merkel is trying to delay a banking union. Germany, like France, has now introduced the idea of a mini rescue fund for the Eurozone that would be financed through the financial transaction tax [Merkel proposed this in a government statement]. This is an attempt to divert attention from the real problem. But it's obvious that Berlin's main goal is to avoid the proposals for the introduction of euro bonds being brought up again."

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