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EU: A financial Union before the fiscal one? | New Europe ;.. The Spanish banking chaos and the Greek political problems have prompted all careful asset managers to reduce their exposure to European values. In reality, what was so far a sovereign debt problem for Eurozone's sinner governments, has become a banking confidence issue, threatening the euro area and the world with a new and far worse credit melt down.
The European Banking Authority, which was created last year, is obviously unable to take over and resolve the current transnational frictions between Eurozone banks. What is even more alarming however, has to do with the refusal of the European Central Bank to cooperate in resolving the Spanish crisis.
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The Spanish banking chaos and the Greek political problems have prompted all careful asset managers to reduce their exposure to European values. In reality, what was so far a sovereign debt problem for Eurozone's sinner governments, has become a banking confidence issue, threatening the euro area and the world with a new and far worse credit melt down.
ReplyDeleteThe European Banking Authority, which was created last year, is obviously unable to take over and resolve the current transnational frictions between Eurozone banks. What is even more alarming however, has to do with the refusal of the European Central Bank to cooperate in resolving the Spanish crisis.