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Unprecedented: EU Officials Call on Fellow Countries to Give up Control of Banks

Sep. 12, 2012 6:21pm
Jose Manuel Barroso Says EU Countries Must Form Tighter Union & This Involves Giving up Control of Banks

European Commission President Jose Manuel Barroso gestures to the media at the European Commission headquarters in Brussels, Tuesday, June 21, 2011 (AP Photo/Yves Logghe)

European Union officials are asking national governments to give up control of their banks as a means of “solving” the EU’s financial crisis.

Yes. Give up control of their banks. What could possibly go wrong?

In a proposal that represents one the most significant surrenders of national sovereignty since the creation of the euro in 1999, the European Commission, the EU’s executive arm, proposed Wednesday to make the European Central Bank (ECB) the single supervisor for all 6,000 banks in the 17 countries that use the currency.

The Commission wants to give the ECB sweeping powers from the ability to grant and take away banking licenses to extensive authority to investigate and fine wayward banks.

Jose Manuel Barroso, the Commission’s president, said giving up control of banks would be just the start and that countries should get used to handing over powers to Europe in order to solve the region’s debt problems.

“We cannot continue trying to solve European problems just with national solutions,” he said in his annual State of the Union address to Parliament in Strasbourg, France.

“A deep and genuine economic and monetary union … means ultimately that the present European Union must evolve,” he added. “And let’s not be afraid of the words. We will need to move toward a federation of nation states.”

Barroso’s remarks go to one of the central debates concerning the survival of the eurozone, that is, whether countries can continue to share a common currency without a unified political system.

As part of forging a tighter EU, many politicians have called for a “banking union” — a unified playbook for all the region’s banks. The creation of a single bank supervisor is an important part of this plan.

Other measures being debated include: a European-wide system of depositors’ insurance; a single method for winding down bankrupt banks; and allowing the European bailout fund to directly help banks in trouble, instead of lending money only to governments.

Jose Manuel Barroso Says EU Countries Must Form Tighter Union & This Involves Giving up Control of Banks

German Chancellor Angela Merkel and French President François Hollande during their first meeting after his election, Berlin, May 15, 2012 (AP)

In its proposal, the Commission called for the European Central Bank to take over supervisory roles from the member countries’ national banking regulators. Currently, the ECB is only in charge of monetary policy for eurozone countries — setting interest rates and printing money.

In order not to overwhelm the ECB, the plan proposes to leave day-to-day operations to national authorities. The power to wind down banks in trouble also stays with individual countries — for now. The EU official said it would eventually be given to the ECB.

The Commission hopes its proposal will take effect Jan. 1, 2013, first handing ECB power over the eurozone’s bigger banks and eventually adding the rest of the 17-country bloc’s lenders a year later.

The Commission’s proposal, published Wednesday morning, still needs to be approved by the European Parliament and the Council, on which the heads of state or government of all 27 countries of the European Union sit.

It could be a tough fight since Germany, one of the eurozone’s most powerful members, has said it wants the ECB to supervise only those banks which, if they were to go bankrupt, would cause major damage to the eurozone.

German officials have also expressed alarm at the timetable proposed, saying it risks creating just a slap-dash supervisor.

Jose Manuel Barroso Says EU Countries Must Form Tighter Union & This Involves Giving up Control of Banks

European Commission President Jose Manuel Barroso speaks during a news conference at the European Commission headquarters in Brussels, Wednesday, July 18, 2012. (AP Photo/Yves Logghe)

“What is important above all is that this supervisor can work in terms of quality — not just that it comes into force as quickly as possible but then doesn’t work,” Merkel told lawmakers in Berlin on Wednesday. “This is about the quality of supervision, and not just about the quantity.”

EU internal market commissioner Michel Barnier, whose team was largely responsible for drafting the proposal, sought to downplay these concerns, noting that the ECB would rely heavily on the “experts” already in place at national supervisors.

He also said the bank would slowly ramp up its powers of supervision over the course of a year, although he did not back off the goal of getting it up and running on Jan. 1, 2013.

In a statement issued Wednesday, the ECB said it welcomed the Commission’s proposal.

In his speech Wednesday, Barroso also warned that the financial crisis is “fueling populism and extremism” in Europe.

“Europe needs a new direction,” he said.

Again, what could possibly go wrong?

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All photos courtesy the AP.

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Comments (92)

1 2 3
  • Git-R-Done
    Posted on September 12, 2012 at 7:23pm

    If those countries in the EU are stupid enough to give up their national sovereignty, then that’s on them.

    Report this comment

    Git-R-Done  
    • RWCT
      Posted on September 12, 2012 at 7:35pm

      Germany will NOW go broke, bailing out PIIGS! The trough gets BIGGER! 1920′s, here we come.
      EXCEPT worldwide THIS time. Prophecy unfolds!

      Report this comment

      RWCT  
    • WAKEUPUSA2012
      Posted on September 12, 2012 at 7:55pm

      Thank God those kooky conspiracy theoriest who said world government was coming were wrong…lol

      Report this comment

      WAKEUPUSA2012  
    • The_Jerk
      Posted on September 12, 2012 at 8:24pm

      Here we go. The biblical Shylocks moving towards their one world government. Rothschild Brothers of London, 1863. “Give me control of a nation’s money and I care not who makes it’s laws”

      Report this comment

      The_Jerk  
    • Maxim Crux
      Posted on September 12, 2012 at 8:51pm

      RWCT…Yes, you are right. Germany court just ruled that it was OK to break the bank of Germany with bailouts against the wishes of the people. The Republic will be done. However, it will be Germany who controls the banks…and the resources running through their country to the rest of West Europe. The other day there was a high ranking German influence claiming that the EU was too big at 17 nations. I will make a bet that the magic number is 10 when it is said and done.

      Report this comment

      Maxim Crux  
    • Rampart
      Posted on September 12, 2012 at 8:56pm

      It’s hard to guess whether these rubes are more crazy or more stupid…

      “In a statement issued Wednesday, the ECB said it welcomed the Commission’s proposal…”

      Yes…Yes, I’m sure it did.

      Report this comment

      Rampart  
    • dmerwin
      Posted on September 12, 2012 at 9:14pm

      That’s right, roll it all up into one big corporation which when the corruption is discovered destroys ALL of europe in one fell swoop! What idiots!

      Report this comment

      dmerwin  
    • 4xeverything
      Posted on September 12, 2012 at 10:26pm

      Who ever thought they would be rooting for Germany to hold onto their nationalism? Things that make you go hmmm.

      Report this comment

      4xeverything  
    • dawgGoodie
      Posted on September 12, 2012 at 11:59pm

      Respectfully, we in the US have up a lot of our sovereignty in the past 4 years, too.

      Report this comment

      dawgGoodie  
  • RightThinking1
    Posted on September 12, 2012 at 7:23pm

    If the Germans buy into this, they are crazier than I thought.
    Meanwhile, the Brits are hoisting a pint in self-congratulation at never having touched the tar baby of common currency with the PIGS.

    Report this comment

    RightThinking1  
  • barber2
    Posted on September 12, 2012 at 7:18pm

    Can you imagine how a One World Government would work with the idiot leaders around today ? We’d be broke and be celebrating anarchy and daily riots .

    Report this comment

    barber2  
  • lisa2994
    Posted on September 12, 2012 at 7:18pm

    This is why it is very important to get Obama out of office in November. And also to take back the senate as well. Praying for our country and everyone in it.

    Report this comment

    lisa2994  
    • Magyar
      Posted on September 12, 2012 at 7:41pm

      Right you are! And understand that this is the LORD’S last offering to this nation. Either we turn back to HIM or tyranny will reign supreme!

      Report this comment

      Magyar  
    • Exrepublisheep
      Posted on September 12, 2012 at 7:56pm

      @MAGYAR. Does God text you, e-mail, snail mail? Talk to you thru animals or dreams?

      Report this comment

      Exrepublisheep  
    • pissantno.10
      Posted on September 12, 2012 at 8:28pm

      well ex since you rate down at the bottom of the gene pool god talkes to all of us, sucks to be you. now go crawl back under your rock

      Report this comment

      pissantno.10  
    • kenboo1
      Posted on September 12, 2012 at 11:42pm

      Ex look & listen harder he’s talking to you too…

      Report this comment

      kenboo1  
    • Spirit 72
      Posted on September 13, 2012 at 2:10pm

      Read up, ex. Revelation, Daniel, Isaiah, Zechariah, Joel are all unanimous. My o my, how the left and the demons and the Demoncrats cannot stand Biblical prophecy to get any closer !!

      Report this comment

      Spirit 72  
  • pissantno.10
    Posted on September 12, 2012 at 7:14pm

    scotty beam me up, and prepare for warp drive

    Report this comment

    pissantno.10  
  • DiamondDog
    Posted on September 12, 2012 at 7:09pm

    Would the European Commission President let his neighbor down the street handle his finances? Only fools would fall for this plan.

    Report this comment

    DiamondDog  
  • marcus_arealius
    Posted on September 12, 2012 at 7:00pm

    Us Americans wooped your Euro arses many times before.. come on over and we’ll do it again, just for fun.. You leftist’s have NO F-ING IDEA who your screwing with. Just keep it up and you’ll be very sorry, and probably food for insects.

    Report this comment

    marcus_arealius  
    • Shamrock241
      Posted on September 12, 2012 at 9:15pm

      I agree Marcus they are clearly underestimating the power of a few million pissed off American Patriots. What ever army they think they will use to control us will lose in the end.

      Report this comment

      Shamrock241  
  • Bill Wallace
    Posted on September 12, 2012 at 6:59pm

    Any chance that these moves are what brings about a new war in Europe?

    Cause the new one…I don’t want the US being any part of. Not in dollars, not in soldiers. Saved Europe often enough that if those socialist clowns can’t figure it out by now, they deserve to understand first hand what evolution is meant to fix. Happened to the dodo.

    Report this comment

    Bill Wallace  
    • drs1969
      Posted on September 13, 2012 at 12:15am

      We got sucked into 2 Euro wars after the Federal Reserve was created in 1913. None before. This was the funding mechanism. End the Fed and you end the ‘useless’ wars and a whole lotta evil. Afghanistan, brought to you by Bernanke.

      Report this comment

      drs1969  
  • MonkeyBeagle
    Posted on September 12, 2012 at 6:59pm

    Cant wait to hear Nigel Farages Response to this. Have much respect for Nigel, the only person in the EU that is standing up for the peoples rights. I believe They tryed to kill him once and failed badly… devine intervention. :) Nigel reminds me of a certain US politician.

    Report this comment

    MonkeyBeagle  
  • Rob
    Posted on September 12, 2012 at 6:58pm

    “What could possibly go wrong,” INDEED!!!
    What the ECB is proposing is similar in scope and impact to the Jekyll Island coup by the progressives with Woodrow Wilson (i.e., the creation of the Fed in the USA). In this case, the ECB did not have to wait until the governing bodies were not in session . In this case, the socialist/liberal/communist policies brought Europe to the point of financial collapse.
    So what are they going to do to solve the problem? Why throw more money at it of course!!! That’s the solution endorsed by George Soros for which he strongly criticized Angela Merkl for her reluctance to comply. Don’t change any of the conditions which created the problem in the first place, lots of people unemployed, increasing taxes and increasing spending in programs they can never and never will be able to afford . . . no, no, no. Instead spend, spend, spend . . . another stimulus, that will surely get them out of the whole. After all, isn’t that what we all do when we’re running out of money? . . . Just go out and spend some more!!! There are still checks left in the checkbook, right?!
    Barroso comes from Spain. A country which over the last ten years or so has been in steady economic decline. We all gasped when we found out that unemployment was up to 20% about a year ago because of green jobs. Well now it’s at 25% and climbing because of green jobs and other wonderful government pensions and progressive policies. Will they learn in time? Any of the

    Report this comment

    Rob  
  • Eric_The_Red_State
    Posted on September 12, 2012 at 6:54pm

    You watch – There is going to be a NEW RULE – that YOUR MONEY cannot leave the country.
    You will be able to move to another country — but your MONEY will not.

    I’m not a big “The end of the world is coming” kind of guy – but in this case, I’ll make an exception.

    Report this comment

    Eric_The_Red_State  
    • PutMoreOnMyPlate
      Posted on September 12, 2012 at 8:17pm

      To all the atheists out there that think this world is all there is and are tired of Christians whining about the one world government and the global takeover, will you please reassess that our scripture is very detailed about how this world is gong to end and that while it’s a nice idea, it leaves room for too much corruption for even today’s standards and will be taken over by one man claiming himself to be God? You won’t be able to be an atheist without losing your life when that happens because it will be worship him or die. Are your nonbeliefs worth dying for? Or will you be blinded by his charms that you will worship him and gladly take the mark? Call me close-minded but I am not weak-minded. I would die for anyone for any reason but I will die for Christ first. So given the choice I would die for an atheist before a Christian so that you may have one more moment to reconsider your eternity. So get off the fence, because the fence is falling fast and you’ll be stuck on one side or the other. God bless.

      Report this comment

      PutMoreOnMyPlate  
  • trueblueday
    Posted on September 12, 2012 at 6:53pm

    Guess they better start hiring more banking associates in Switzerland. I hear they’re keeping very busy lately.

    Report this comment

    trueblueday  
  • Fatheroftwo
    Posted on September 12, 2012 at 6:52pm

    Attention all EU countries…….each of you please take this loaded gun…….put it next to your collective heads…….pull firmly back on the hammer…….squeeze gently and steadily on the trigger…..we will have a bag for the mess on the other side of your head!!!!!!

    Report this comment

    Fatheroftwo  
  • shakedowncrews
    Posted on September 12, 2012 at 6:49pm

    Let me see here…Germany and the Nordic countries have remained frugal, controlled their spending and maintained healthy economies. The Mediterranean countries are a bloody mess. And now they want everyone to give up control of their banks sothey can be controlled by the “EU”…exactly WHO would have control? Are the Germans going to let anyone from the PIGS control their banks?

    Yeah, I can see this working out beautifully.

    Report this comment

    shakedowncrews  
    • 1TrueOne55
      Posted on September 12, 2012 at 7:33pm

      What do you think started the Financial Crisis of 1929-’39. Stimulus spending and money printing in Germany to pay off debts incurred from WW I. When inflation got so high that it cost $1million marks for a loaf of bread under Kaiser Wilhelm the people voted for change. That change agent was Adolf Hitler of the National Socialist Party (“NAZI”). To get out of that depression he violated the Versailles treaty banning Germany from manufacturing weapons of war, but he had to put the people back to work and he did. Just as FDR’s New Deal had failed in its stimulating of the US economy, he put people to work supplying what is today’s NATO countries with supplies after Germany declared war on Poland in 1939 and then England, France and other Nations Hitler wanted revenge on.

      HISTORY LOOKS TO BE REPEATING ITSELF BUT SO FAR NO BOMBS HAVE FALLEN!

      Report this comment

      1TrueOne55  
  • chicago76
    Posted on September 12, 2012 at 6:48pm

    The banks, with the power of the printing press, want absolute power over all the countries. Whenever you let someone or something else control your monetary system or your check book for that matter, they will eventually control you. It is only a matter of time. They knew it when they created this evil monster called the ECB. The government knew it when it created the FED but did it anyways.

    Report this comment

    chicago76  
  • Gary_K
    Posted on September 12, 2012 at 6:46pm

    It’s great to see the new world order is so alive and well. / sarc off

    Report this comment

    Gary_K  
  • woodyee
    Posted on September 12, 2012 at 6:41pm

    13 countries will grab their ankles, bend forward and wince. 4 countries will bow out.

    It is written…

    Report this comment

    woodyee  
  • barber2
    Posted on September 12, 2012 at 6:39pm

    This sounds like that One World Government idea that Soros has been pushing…

    Report this comment

    barber2  
  • lel2007
    Posted on September 12, 2012 at 6:38pm

    I wonder to what/whom American’s financial system will surrender to, along with China and the rest of the world. This financial crisis could become a world problem, eh?

    Report this comment

    lel2007  
  • BlackCrow
    Posted on September 12, 2012 at 6:32pm

    Nothing good will come of this.

    Report this comment

    BlackCrow  
  • Detroit paperboy
    Posted on September 12, 2012 at 6:32pm

    No no ,they just need more of that good ole SOCIALISM !!!!!!!!!!!!! It will work better this time , I promise…….

    Report this comment

    Detroit paperboy  
  • The-Monk
    Posted on September 12, 2012 at 6:31pm

    Yea, OK, and Ben Bernanke will be available early next year to run it for you…

    Report this comment

    The-Monk  
  • CatB
    Posted on September 12, 2012 at 6:30pm

    Want to see people make a run on banks ….

    Report this comment

    CatB  
    • DagneyT
      Posted on September 12, 2012 at 6:39pm

      They already are making a run, which is probably what prompted this move….to try to stop the leaks. Giving up sovereignity is a horrible mistake for any country. America, are you listening?

      Report this comment

      DagneyT  
    • Darmok and Jalad at Tanagra
      Posted on September 12, 2012 at 7:02pm

      Beck talked about this over a year ago, and a few months ago. He kept saying, watch,they don’t want to take over your country, just the banks. Then they control you, your life, and your govt.

      Report this comment

      Darmok and Jalad at Tanagra  
    • Snowleopard {gallery of cat folks}
      Posted on September 12, 2012 at 7:10pm

      It will be coming here soon enough CATB: Spainish banks already have lost some 9% last I heard of the funds people have saved, probably higher by now. Chase bank is supposed to have trucks with loads of cash on the borders of Greece for when (not if) the collapse comes; this way they will be ready to meet ‘the emergency.’

      I had to deal with a poster from another site that howled at me, claiming that the mess of socialism in the EU is the fault of the American Republicans; and that the conservatives are pushing communist ideology upon us and the Kenyesian economic ideology (which europe and russia tried; and we see where that failed).

      God help me please, how many of these lunatics are willingly blind, deaf and ignorant and why do I keep drawing them to me to deal with? Someone genuinely asking a question I can understand; but to smash me repeatedly as “an ignorant traitor of the progressives” is more than I can stand.

      Report this comment

      Snowleopard {gallery of cat folks}  
    • The-Monk
      Posted on September 12, 2012 at 7:11pm

      Hi Darmok,

      Yep, he sure was.

      And at those same times Chrissy Matthews was saying……. oh, never mind. : )

      Report this comment

      The-Monk  
    • Darmok and Jalad at Tanagra
      Posted on September 12, 2012 at 7:31pm

      Hey Monk:
      Mathews will wet himself if or when there is rioting and an economical crash. Just like during the depression, the majority of those who survived had things to barter, could work with their hands and could survive off the land. Most the “Rich” jumped out windows, because a wheelbarrow full of cash can only buy food for so long. And those servants will pick up and leave. Then who will change Chrissy’s diapers, he will die of diaper rash. A horrible way to go.

      Report this comment

      Darmok and Jalad at Tanagra  
  • AvengerK
    Posted on September 12, 2012 at 6:28pm

    Soros has been pushing for this for months. He’s heavily invested in Italian debt (in the billions of dollars) he has a lot to lose if those debt instruments go south.

    Report this comment

    AvengerK  
    • woodyee
      Posted on September 12, 2012 at 6:42pm

      Soros has been pushing for this because he’s been striving for a global government for decades.

      Report this comment

      woodyee  
  • PIGSWILLNEVERFLY
    Posted on September 12, 2012 at 6:25pm

    They want a Treasury and Federal Reserve like the US. Good Luck with that.

    Report this comment

    PIGSWILLNEVERFLY  
    • Malo periculosam libertatem quam quietam servitutem
      Posted on September 12, 2012 at 6:28pm

      no they dont want to force austerity on the people… they want to default like iceland and arrested the bankers

      Report this comment

      Malo periculosam libertatem quam quietam servitutem  
    • Shasta
      Posted on September 12, 2012 at 6:52pm

      This means no soft landing for the EU. Only crash and burn. Soros is pushing this, and western countries are next. I can see Obummer doing this after the election, should the “I think socialism is good” crowd get their way.

      Report this comment

      Shasta  
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