Irish tapes show need for EU bank union

EU Observer ^ | 02.07.13 @ 20:19 (July 2) | Benjamin Fox

[Olog-hai]

Despite receiving fulsome praise from a series of EU leaders for their six month stint holding the EU’s rotating presidency, the Irish government finished the job on a sour note.

A series of taped conversations between executives at the now defunct Anglo-Irish bank gleefully discussing how they put the Irish government (not to mention the rest of Europe) on the hook for their losses cast a shadow over their last week in the limelight. …

German intransigence on banking union comes down to a similar rationale to that used by Berlin during the debt crisis—rules to wind down banks must be applied rigidly in all cases, and they will not agree to a common resolution fund which, to German eyes, looks suspiciously like another bailout tool.

Both elements are needed.

Harmonized EU rules, including a hierarchy of creditors to be “bailed in,” would finally allow individual banks to fail while safeguarding the overall stability of the sector. …

[Ray76]

Actually this shows how Ireland needs to stay away from the EU.

The EU is corrupt to the core from inception.

[Olog-hai]

Exactly right.

The purveyors of the “beneficial crisis” will continue to tout the line that more centralization will solve the problems caused by centralization, though.

[Tilted Irish Kilt]

(from the article) :” Despite receiving fulsome praise from a series of EU leaders for their six month stint holding the EU’s rotating presidency, the Irish government finished the job on a sour note. “

Obviously , you have not heard the Irish pipes.
They are mourneful , ..and not at all sour !!
Most commonly heard are the Scotish Highlander Pipes ~ much too loud and brash , and designed to scare the heathen to run away!
The Irish pipes are mourneful like a Loon on a quiet Adirondack lake calling to its mate .
The only sour note to Irish banking must come from a “Bloody Brit” , or a EU hoe !