posted on Mar, 21 2013 @ 08:24 AM
Ah booger.....I think we all felt there was something else behind all this....well it looks like I've found what slipped under the radar! This
wasn't supposed to happen until mid 2014!!!!!!!! Rushed this through in light of Cyprus!
By John O'Donnell and Claire Davenport
"BRUSSELS (Reuters) - EU lawmakers agreed on Tuesday to allow the ECB to police euro zone banks, but a levy imposed on Cypriot savers shows they will
struggle to unify Europe's response to bank problems.
The deal between the European Parliament and member states finalises an accord agreed late last year to give the European Central Bank powers to
supervise euro zone banks from mid-2014, a first step to a banking union across the 17-member bloc.
That agreement had initially been applauded as a step towards integration, but a surprise levy on Cypriot bank deposits has shaken hopes that Europe
will unite in tackling bank problems rather than let countries struggle alone.
"This is a fundamental step towards a real banking union which must restore confidence in the euro zone's banks and ensure the solidity of the
banking sector," said Michel Barnier, the European commissioner in charge of financial regulation.
Irish Finance Minister Michael Noonan, who played a central role in negotiations because Ireland holds the rotating EU presidency, welcomed the
"The single supervisor is the core element of banking union and a vital step in breaking the vicious link between the banks and the sovereigns," he
said in a statement.
The deal envisages that banks with assets of 30 billion euros, or larger than one-fifth of their country's economic output, are supervised by the ECB
rather than national supervisors.
The next pillar of a banking union should be the creation of a central system and fund to close troubled banks, rather than leaving it to individual
countries such as Cyprus or Ireland to have to manage alone."
That's it...game over....EVERYONES bank accounts are now in jeopardy regardless if they are in the euro!...please somebody tell me I'm wrong!