EU risks “too big to cooperate” bank supervision
Martin Santa and Huw Jones, Reuters, www.foxbusiness.com | May 24, 2013
Jacques de Larosiere, former head of the Bank of France and IMF, said the European Central Bank’s role in a European Banking Union to supervise euro zone lenders risked creating a “duopoly” that would split the bloc’s single market next year.
The ECB and the European Banking Authority (EBA), which will continue to supervise banks in non banking union countries, would be a “de facto duopoly… the too big to cooperate symptom” . . .
The Eurocrats complain about “national” interests, and they want these institutions given “more powers” in order to “protect consumers” supposedly.