From today’s Open Europe news summary:
Germany cedes ground on eurozone banking union The FT Weekend reported that, at a meeting with other eurozone decision makers on Friday, German Finance Minister Wolfgang Schäuble ceded ground on banking union plans. Officials suggest that he has now accepted that the current EU treaties provide a sufficient legal base for the majority of the banking union project, and that the European Commission can play a role in any bank resolution. However, disagreements remain over the bank resolution fund, with Germany maintaining its view that this should, at least initially, be a network of national funds rather than a single combined eurozone fund. FT Weekend Süddeutsche
A eurozone banking union is simply another means for the successful to subsidize failure. All socialist enterprises eventually fail because, unlike capitalism, socialism rewards failure and punishes success, resulting in capital destruction and not capital accumulation.
Of course, Germany will assume the lion’s share of the cost of this new union. Schauble’s capitulation on these points is a valuable lesson to those who will see; i.e., that being a member of a socialist organization eventually means that your wealth will be confiscated by others…all perfectly legal, of course. That is what the organization is all about…not free trade, not enhanced protection of life, liberty, and property…no…it is about confiscating and consuming wealth. Patrick Barron