Posted on 05/31/2012 1:06:21 PM PDT by Olog-hai
European Central Bank President Mario Draghi called on European politicians to come up with a vision for the euro zone for the years ahead to better tackle the region's debt crisis and to restore confidence, with greater centralization of financial sector regulation as the first possible step.
"The sooner the vision is clarified the better for the European Union," Draghi said Thursday at a hearing in front of the European Parliament's Committee of Monetary and Financial Affairs.
More centralized banking supervision is necessary for large banking groups that are systemically significant for the financial sector of a country, he said.
Draghi was speaking in his capacity as chairman of the European Systemic Risk Board and not as head of the ECB. …
(Excerpt) Read more at foxbusiness.com ...
There have been rumors today that the IMF is preparing a €300 billion rescue for Spain.
Of course he calls for a Euro-wide banking support system. He’s not German or Dutch. Everyone else (including the French) has dicey banks and no money to support them.
Mario, Mario ... I have your plan and I'm not even a politician, let alone a European one ...
People of Europe - work and earn your own money! Stop using the government as your personal nanny and ATM. Stop punishing people who start businesses and employ people; and stop rewarding people who "make money" by devising ever more complex schemes to insure that when investments are good, they get rewarded and when they go bad, the government, or some pension fund, pays.
They turn around and teach your friends in the USA the same!
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