A German view.

[Sir John]

www.businessspectator.com.au/article/2013/5/2/economy/germany-edging-towards-exit


And if Germany goes, will the rest follow in quick succession? Will the Euro go the same day, will teh EU follow, and will all that debt get defaulted on also? Will that destroy all the Bondholders, mainly EU and US Banks.

Will the FED and the ECB then print the needed paper to 'solve' the problem?

Stay tuned fro the next exciting episode of 'Days of our Lives'.


SJ

[Swampy]

Sooner or later, the Euro has to be broken up - they might as well make it sooner.

[Sir John]

They should bring back the old 'Common Market' free trade idea and get that working first, WITHOUT the subsidies and "Milk Lakes" and "Cheese and Butter Mountains".

Just a liberal dose of common sense to go with the common market.

[boxcar]

A well written piece. Spain or Italy will start the explosion.

[Sir John]

Probably!


but there are about 5 candidates.

[mcnoch]

Sorry, but the storm is over, in some areas it still looks a bit messy and we have to clean up, but the danger is gone.

Germany had in fact three anti-euro-parties so far, all broke apart within one or two years, no problem. We also have parties for drinking beer, driving cars, etc.. Germany has about 400 parties, including a Pirate-party. So don't worry about that, we have just a lively democraty.

Yes, the EU reputation suffered a lot, because the whole EUro-crisis was handeled by the local heads of state and their finance-secretaries. That left the complete foreign-policy view out of scope.
The German Constituion Court is always a bit sceptial about the Europen institutions, that is its job.

The Euro-crisis is out of the headlines in Germany, sometimes there is a small note in the economics section. People here discuss the new taxation-plans, the upcoming election, etc..

[boxcar]

Here is the latest report from Italy’s prime minister. The two major points, as I read it, are growth and a one European banking system. (The next step toward world government?)

In my way of thinking, you don’t get growth until you can balance your budget.

The one big bank is an interesting idea. One has to wonder how they would be able to confiscate the deposers’ funds as they did in Cyprus if this method were employed. I think they have to go back to the drawing board and do their homework.

Socialism only works as long as you can find somebody to pay for it. MT.

www.france24.com/en/20130501-france-italy-join-hands-over-eurozone-crisis

[Sir John]

"Sorry, but the storm is over, in some areas it still looks a bit messy and we have to clean up, but the danger is gone."


I am speechless! We shall have to agree to disagree, and leave it at that.


SJ

[mcnoch]

The Banking Union is not one bank, it is a single supervisory mechanism, which will include not only a single rulebook for all EU-banks, but also a joint resolution fund and a pan-Euro deposit guarantee scheme. On the political side this will be flanked by more steps toward a fiscal union, with a kind of Eurobills or Euro-Bonds (at least for part of the debts). A lot of the technical details are still unclear and it might take some time to sort all the ideas and problems out, as this will go deeper than many think. The UK is already very worried what this will mean for The City. I'm in favor of keeping these discussions in the back-offices not to confuse the people with it until a good solution is at hands. The big banks in the EURO-zone are open to it. We can see that there was a change in their way of thinking and acting already.

SJ, yes, it seems that - as so often - the view from outside is different than from inside.

[boxcar]

> I'm in favor of keeping these discussions in the back-offices not to confuse the people with it until a good solution is at hands.<

That's exactly how we got Obamacare. Now how do we un-fix it?

[mcnoch]

I have not enough info about Obamacare and its evolution to comment on it.

[Deleted]

I think it is a term for how the births, deaths and marriages office in Hawaii treat him.