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Tuesday, September 11, 2012

Safeguards On ECB Regulatory Powers Not Enough For Britain

Per www.globalinsolvency.com:

Tue., September 11, 2012
 
Safeguards proposed by Brussels to stop a newly beefed-up European Central Bank from calling the shots on banks beyond the euro zone are unlikely to satisfy Britain and other EU countries that do not use the common currency, Reuters reported. The EU faces weeks of hard bargaining before a banking union puts the banks of the 17 countries that use the euro under the authority of the ECB next year, giving the Frankfurt-based ECB unprecedented new powers. Safeguards proposed by Brussels to stop a newly beefed-up European Central Bank from calling the shots on banks beyond the euro zone are unlikely to satisfy Britain and other EU countries that do not use the common currency. The EU faces weeks of hard bargaining before a banking union puts the banks of the 17 countries that use the euro under the authority of the ECB next year, giving the Frankfurt-based ECB unprecedented new powers.

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