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
Europe
From Deauville to Cyprus
When the history of the euro area sovereign and bank debt crisis is written, the way the troika of Eurogroup finance ministers, the European Central Bank, and the International Monetary Fund managed the rescue of the outsized Cyprus offshore banking center will be useful as a case study to document the extremely fragile state of European Monetary Union at that point in time. … [Read more...] about From Deauville to Cyprus
Big Unease at the Tower of Basel
Once a European fortress, the BIS is about to experience a Canadian takeover. Is this an emerging Anglo-Saxon Trojan horse? When Canadian central banker Malcolm D. Knight became managing director of the Bank for International Settlements in Basel many European central bankers were not happy. A major top reshuffling is underway these days at the Bank for International … [Read more...] about Big Unease at the Tower of Basel