2011/07/17

Kohl says Merkel is "breaking" Europe

Helmut Kohl is apparently less than pleased with the work of his erstwhile protégé Angela Merkel. The former chancellor reportedly told a friend privately that Merkel's European policies were "very dangerous." thelocal


"Impossible targets based on but pure ideology"

Moreover, rather than replace failing banks' management, following, for example, the practice of the US FDIC, the MoU (p.7) states that the capital increases “will be designed in way that preserves the control of the management of the banks by their non-state owners”. That is, the taxpayer will likely recapitalize the private banking system, in effect nationalizing it, and yet management control will remain with the old owners. One possible explanation for the troika’s inaction on the banks Special Resolution Regime is the conflicts of interest faced by one of the troika members, the ECB. The ECB is a member of the Eurosystem, which would have faced large losses if a proper bank resolution procedure were adopted immediately.

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