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The Next Step for Europe Is Financial Union
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Christian Noyer, the Governor of the Bank of France, says that the supervisory infrastructure and deposit guarantee structure for the eurozone has not kept up with the creation of a single currrency, leaving an obvious gap that has to be fixed. Of particular importance is the link between sovereign and banking risks that is behind dangers in today's eurozone crisis, especially in Spain, which he says should be broken. The creation of a single euroarea supervisory authority is a prerequisite for a deposit guarantee fund that will separate and delink bank and sovereign risks. The other step is to create a banking resolution scheme similiar to what the U.S. has setup, with the FDIC having a resolution plan to come in and unwind a failing bank, include large banks with systemic risk.
France and Italy's push for a new Eurozone Architecture
05/23/2012
France and Italy's push is for improved financing of growth projects, coordination of monetary policy with budgets and fiscal situation of eurozone states, and mapping out a pathway that leads to joint issuance of eurobonds. French officials in the Hollande administration say the lack of this architecture is the cause of many of today's problems. Prime minister Monti of Italy played a key role in pushing for the changes at meetings in Rome and Brussels in June 21-27, 2012.
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The European Banking Agenda in 2012-2014- deposit insurance and powers of banking supervision transferred to a European supervisory authority
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On the agenda during discussions in June between the EC, ECB and the German government, is deposit insurance for eurozone banks, and a supervisory financial authority for eurozone banks (Single Resolution Mechanism) within the EC with powers transferred from sovereign states to the the supervisory banking authority. These issues take priority because of fears of bank runs on banks in Greece, Spain and other countries. France is pushing for a new Eurozone Architecture that will form the basis of the euro currency.
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The importance of a deposit guarantee system for banks in the eurozone to avoid a run on banks in 2012-2013
06/11/2012
This is part of the architecture for the eurozone currrency that needs to be put in place quickly for the stability of the eurozone banking system.
Grouped Articles
Why the Bailout in Spain Won't Work
New York Times 06/11/2012
The Next Step for Europe Is Financial Union
Wall Street Journal 06/11/2012
Report Suggests ECB Bank Supervision
Wall Street Journal 06/26/2012
European Union Prods Germany With Fiscal Plan
New York Times 06/26/2012
Germany May Compromise on Joint Debt
Wall Street Journal 06/28/2012
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The Sarkozy-Merkel meeting in Deauville, France, October 18, 2010, that sets the stage for a closer union for the EU.
12/27/2010
Germany and France make the momentous decision to move forward with a closer fiscal union of the 16 nation European Union. The efforts to build anew the conditions for the Euro to succeed. The vision of a united Europe persists.
Grouped Articles
New Attempt at French-German Amity Stumbles in Venice
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German Election Overturns Political Order
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New York Times 05/22/2014
Economist 11/11/2015
As Ireland Flails, Europe Lurches Across the Rubicon
Wall Street Journal 12/27/2010
The basics of the Eurozone architecture with deposit insurance and eurozone bank regulatory authority in a June 2012 report by the EU, EC and ECB
06/11/2012
Linked Articles
Report Suggests ECB Bank Supervision
Wall Street Journal 06/26/2012
The Next Step for Europe Is Financial Union
Wall Street Journal 06/11/2012
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