• European leaders agree to have a single banking regulator
    17 replies, posted
One Bank to rule them all, One Bank to find them, One Bank to bring them all and in the darkness bind them [quote]BRUSSELS — European leaders agreed Friday to institute a single regulator with broad oversight over banks in the 17-nation euro zone, a step toward binding the countries’ economies more tightly together and eventually throwing a lifeline to Spain’s troubled banking sector. The banking supervisor would have power over the behavior of the roughly 6,000 banks in the euro zone. But the plan would probably take full effect by the beginning of 2014, later than had been anticipated just weeks ago and on a time frame that may not be quick enough to allay market fears that Europe’s banks and its governments could drag one another down if any of them gets in trouble. Bleary-eyed after a short night of sleep, leaders on Friday tried to emphasize their commonalities. But it was difficult for them to paper over the differences that kept them negotiating until the wee hours of the morning. “This cannot be done in one or two months,” German Chancellor Angela Merkel told reporters on Friday. “These are tricky and difficult legal questions… the political will, at any rate, is there.” Until a new regulator is up and running, leaders said, banks would not be able to receive aid directly from Europe’s bailout fund, likely leaving the Spanish government with the bill for its faltering financial sector. Leaders said that they did not discuss a broader bailout for Spain during the meeting, though diplomats said Thursday that the Spanish government appeared poised to ask for help within weeks. The new banking regulator would delegate supervision of smaller banks to national oversight, a concession to German desires to shield their politically powerful regional banks in an election year and also a concession to the reality that it may be difficult to set up an entirely new regulatory operation over the course of just a few months. The issue has been contentious, with politicians reluctant to give up national control over their banks and the powerful financial sector worried that European regulators might be less accommodating than local officials, who can be more susceptible to political influence. But the agreement was in some ways a step back from a June summit in which European officials committed to institute a euro-zone banking supervisor by the end of 2012 without specifying how broad its powers would be. France and Germany clashed during Thursday’s meetings, which stretched more than nine hours. Ahead of the summit, Merkel endorsed creating a powerful European official who would have veto power over national budgets, a major giveaway of sovereignty. French President Francois Hollande accused her of paying more attention to her own domestic politics than to what is best for the 17-nation euro zone. But after the meeting, the leaders said they were happy with the results. “The worst is behind us,” Hollande told reporters. “But everything is not over yet because we have to restore confidence and growth.”[/quote] [url]http://www.washingtonpost.com/world/europe/european-leaders-agree-to-create-single-banking-regulator/2012/10/18/e7382954-1965-11e2-bd10-5ff056538b7c_story.html[/url]
the thing is though, you can't drop a bank into a volcano
[QUOTE=Virtanen;38110508]the thing is though, you can't drop a bank into a volcano[/QUOTE]What is a bank without bankers? Naught but a hollow shell (with lots of dosh in a vault). You can drop bankers into volcanoes :)
Finally.
the worst may be over for france but greece and portugal are getting fucked up in the ass by questionable IMF ethics
[QUOTE=Virtanen;38110508]the thing is though, you can't drop a bank into a volcano[/QUOTE] Thats what you think.
[QUOTE=DrBreen;38111157]the worst may be over for france but greece and portugal are getting fucked up in the ass by questionable IMF ethics[/QUOTE] Solution: make people work more and get less while I get a new Beamer! GG Passos
Common sense prevails! It should have been like this from the start to be honest. I cannot see how you can have like 17 countries under one currency with 17 different regulators and 17 different sets of fiscal rules and policies.
It began with the forging of the European Union. Bailouts were given to the Greeks, silly, lazi and hairiest of all beings. Bailouts also to the Irish and Spainish, Eaters of potatoes and paella . And it was paid for race of Germany, Britain and France, who above all else desire power. For within these bailouts were bound the strength and the will to govern each race. But they were all of them deceived, for another bailout was made. Deep in the land of Brussels, in the Fires of some office somewhere, the Dark Lord Angela Merkal forged a master bailout, and into this bailout she poured her cruelty, her malice and her will to dominate all life. One debt to rule them all. One by one, the free lands of Europe fell to the power of the debt, but there were some who resisted. A last alliance of students and the unemployed marched against the riot police of various countries, and on the very streets of Athens, they fought for the freedom of Europe. Victory was near, but the power of the debt could not be undone. It was in this moment, when all hope had faded, that UKIP, Polital party of England, took up their fight with the EU. phew, I can't be assed to do anymore... make me chuckle though :)
[QUOTE=entertainer89;38115377]It began with the forging of the European Union. Bailouts were given to the Greeks, silly, lazi and hairiest of all beings. Bailouts also to the Irish and Spainish, Eaters of potatoes and paella . And it was paid for race of Germany, Britain and France, who above all else desire power. For within these bailouts were bound the strength and the will to govern each race. But they were all of them deceived, for another bailout was made. Deep in the land of Brussels, in the Fires of some office somewhere, the Dark Lord Angela Merkal forged a master bailout, and into this bailout she poured her cruelty, her malice and her will to dominate all life. One debt to rule them all. One by one, the free lands of Europe fell to the power of the debt, but there were some who resisted. A last alliance of students and the unemployed marched against the riot police of various countries, and on the very streets of Athens, they fought for the freedom of Europe. Victory was near, but the power of the debt could not be undone. It was in this moment, when all hope had faded, that UKIP, Polital party of England, took up their fight with the EU. phew, I can't be assed to do anymore... make me chuckle though :)[/QUOTE] Aha, ahahahaha. I love how you try making the EU look like an evil empire and the kids in Athens who did stuff like lighting police officers on fire and shooting them are the good saviors.
[QUOTE=ThePinkPanzer;38115599]Aha, ahahahaha. I love how you try making the EU look like an evil empire and the kids in Athens who did stuff like lighting police officers on fire and shooting them are the good saviors.[/QUOTE] You realize he is essentially spoofing LOTR right. It's in response to the OP who said: "One Bank to rule them all, One Bank to find them, One Bank to bring them all and in the darkness bind them"
[QUOTE=yawmwen;38115669]You realize he is essentially spoofing LOTR right. It's in response to the OP who said: "One Bank to rule them all, One Bank to find them, One Bank to bring them all and in the darkness bind them"[/QUOTE] It does not change what he is trying to convey.
[QUOTE=ThePinkPanzer;38116204]It does not change what he is trying to convey.[/QUOTE] Mr.EU here just dun goofed. I just took the opening speech from LOTR and put random EU vocabulary into there for context. If you read it carefully you'll see it actually makes no sense whatsoever. EDIT: Much like the European Union hahahahaha
Incoming paulbots to tell us how central banking is a conspiracy by the Zionists to sap money from drug cartels by allowing them to bring Marijuana into the united states for a 20% fee, which we then give to the Jewish bankers. Vampire Illuminati.
I admit ignorance to pretty much everything political about europe so I may just not be understanding this but does anyone else consider the idea of one organization regulating ALL banks in seventeen countries questionable I mean I like the idea of standard regulations but one group of people doing that regulating? [QUOTE=prooboo;38116279]Incoming paulbots to tell us how central banking is a conspiracy by the Zionists to sap money from drug cartels by allowing them to bring Marijuana into the united states for a 20% fee, which we then give to the Jewish bankers. Vampire Illuminati.[/QUOTE] what the fuck are you talking about
[QUOTE=Sobotnik;38110815]Finally.[/QUOTE] You mean "Oh god, how horrifying, why is this happening".
I have to wonder how the nations getting bailed out feel about this. I'd imagine they are pretty pissed. Not that I have much sympathy for countries like Greece that ran themselves into the ground and are throwing temper tantrums because nobody wants to help someone trying to piss on their own feet, but that's besides the point. The interesting thing is, is that I remember economics profs I knew saying that the Euro was running some major risks without any sort of regulation in place, and lo and behold, look what happens. Alright, to be fair, they didn't outright say that some countries would screw the pooch, but they said it was a very real probability.
The Irish banks cost us €64 billion, and we still don't know what kind of "deal" is coming get rid of this huge burden.
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