While all of Europe is still in the grip of the worst pandemic in a century, Germany’s political and financial establishments are also haunted by the Wirecard AG scandal. It is turning out to be the largest case of accounting fraud in the country’s post-war history. According to its promotion material, Wirecard authorized and processed payments for about 280,000 merchants, … [Read more...] about Germany´s Wirecard scandal – the largest accounting fraud in the country´s postwar history
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Why the call “Oliver Wyman go home” gets louder
How in the world could the European Central Bank (ECB) - who is becoming more powerful by the day as the eurozone lead-bank supervisor - has given away a big part of its new authority to a single consultant subsidiary of a U.S. financial service conglomerate in an age where U.S. and British spy masters rule the new cyber world in the interest of its commercial and financial … [Read more...] about Why the call “Oliver Wyman go home” gets louder
Draghi´s German Nightmare
Berlin – Just in time for the May European elections euro area leaders reached a compromise on the Single Resolution Mechanism (SRM) and the Single Resolution Fund (SRF), the second pillar of the European banking union project. As the ECB assumed the key role in defusing the eurozone sovereign debt and banking crisis with the levers of … [Read more...] about Draghi´s German Nightmare
European Parliament is wrong blocking Single Resolution Mechanism/ Single Resolution Fund`s inter-governmental part
Our readers will find several earlier postings on this website explaining that Berlin was dead set against using Art 114 TFEU as legal basis for a Single Resolution Mechanism (SRM) connected to the needed backstop of a Single Resolution Fund (SRF). Therefore, German finance minister Wolfgang Schaeuble and German chancellor, Angela Merkel, only accepted a compromise on the … [Read more...] about European Parliament is wrong blocking Single Resolution Mechanism/ Single Resolution Fund`s inter-governmental part