Skip to comments.In cautionary move, Europe centralizes bank oversight
Posted on 12/12/2012 8:57:37 PM PST by ruralvoter
European Union finance ministers reached an agreement early Thursday to create a single supervisor for their banks - one of the most significant transfers of authority from national governments to regional authorities since the creation of the euro currency.
Under the deal, banks with more than $39 billion in assets supervised or those that represent a significant proportion of their national economies will be placed under the oversight of the European Central Bank.
The deal gives the ECB broad powers, including the ability to grant and withdraw banking licenses, investigate institutions, and financially sanction banks that don't follow the rules.
(Excerpt) Read more at cbsnews.com ...
Financial gimmicks never produce real wealth. Nor can they correct the ravages three generations of deficit spending, monumental debts and huge unfunded entitlements. This situation will not end well on either side of the Atlantic. western culture is cracking.
It’s not the Western culture of Judeo-Christianity that is cracking. It is the humanistic-socialism that was substituted for Judeo-Christianity that is cracking.
Europeans say that Americans are stupid, but so are they, to stick with this failed EU experiment.
Cenrtalized control always works soooo well.