European Banking

[emmie]

i wonder what the opinion overall from Europhiles and sceptics alike are on this banking union.

http://www.bbc.co.uk/news/world-europe-20005100

[emmie]

the interest is overwhelming i must say, or is it too early. I have to pop out, but back later,

[Gromit]

Considering failing banks caused havoc in Europe, especially this one, it makes sense to have a strong regulator. The UK have failed miserably in setting one up on their own.

And it makes more sense to have a europe wide regulator because banking meltdown does not recognise geographical borders. If Santandar goes bump, then a lot of British people will be affected.

We need to make sure the collapse of the banking sector never happens again, and the best way to do that is a superviser with teeth.

[jake-the-peg]

I don't think it's particularly a European issue

Ideally we'd have World-wide standards for banking.

A European wide standard is a good first step.

[pdq1]

We're very good at shutting the door after the horse has bolted. This malaise has now spread to European banks.

[youngmafbog]

//onsidering failing banks caused havoc in Europe, especially this one// which one, I may have missed it but I could not see any specif Bank in the article.

This is more posturing from the Europeans to take control of the UK Banking which is far larger then EU. FFT, the Euro clearer, always plays second fiddle to the City and they dont like it. this also seems to fall in line with SEPA

And based on the BBC correspondent quote below we should get out now. The panzers are at our door.

"However, the BBC's Business editor Robert Peston says there is now a serious risk that the UK will always be outvoted when decisions are taken on the regulation of banking and finance in the EU as a whole.

It is more than a theoretical possibility that the interests of the UK and City of London in shaping financial rules will be systematically ignored or overridden, he says. The UK also wants safeguards to protect the powers of the Bank of England."

As Jake rightly points out a global regulator is required, but that will never happen.

[emmie]

youngmaf i rather concur with you, i am worried that after looking at the proviso in this alliance within Europe for integration of financial institutions, that it more than a first step in a way of controlling those nations involved. Control the finance, control the country, after all if they don't fall into line, won't they be slapped down on pretty smart.

[New Judge]

I am completely nonplussed by this as it does not include regulation for UK institutions. The notion that any European regulatory system will make decisions that are in the interests of UK banks or the UK electorate is laughable. The EU has for years been hell bent on destroying the advantages that the City of London has over the other European financial centres. It is intent on introducing a financial transaction tax (which will affect the City adversely and disproportionately because it conducts, by a country mile, the largest volume of transactions in the EU). It is also intent on establishing a single fiscal umbrella lumping established financial centres such as the City with well renowned centres of financial expertise and probity like Valetta, Athens, Tallinn and Bratislava.

The fact that the last government failed to ensure a proper system of control over the retail banks is hardly sufficient reason to hand over that responsibility to an unelected body of foreigners intent on ”harmonising” (i.e. reducing to the lowest level) standards across a disparate collection of nations that is the EU.

[emmie]

NJ, i confess i don't understand this either, do you see a United States of Europe coming on, or is that something someone made up for the tabloids.

[New Judge]

No it's not something made up for the tabloids, em.

There is no doubt that the ultimate aim of the architects of European integration is a single federal state with one government, one set of laws, one tax regime - in fact a single nation.

Only yesterday Mr Cameron agreed to a deal which would see "greater European defence co-operation". A deal which in fact duplicates in Europe the functions currently undertaken by NATO.

If the majority of the UK electorate want their nation to be subsumed into a single super-state I would be disappointed but would go along with it because that's what democracy is all about. However, we have never been asked that question and the situation has been arrived out by underhand stealth. It's utterly dishonest and as I have said many times before the people of the UK do not deserve to be treated with such contempt.

[emmie]

but we are aren't we, and those who think it's a good thing perhaps haven't thought it through.