EU leaders agree to agree on something, perhaps in 2013

“Tonight, I have the confirmation that the worst is behind us,” he told a 3 a.m. news conference.

Forgive me me Mr. Hollande if I am not instantly filled with a sense of relief but after this the 22nd EU summit in four years I wont be holding my breadth for a conclusion to the Eurozone troubles. 

The latest round of gas-bagging and no doubt some joking about who deserves the Nobel peace prize for their mantle concluded last night with an agreement to agree on something, sometime in 2013. They have concluded that yes indeed there will be a cross-border banking supervisor with effective control over the 6,000 banking institutions across the EU. It is likely to be phased in starting with those who require “government assistance” first and eventually cover even the largest institutions last. For large institutions you should read German banks by this term, I can assure you they will be last to be “supervised.”

This agreement to agree sometime in 2013 leads the way to possibly providing aid to Spanish troubled banks as it might fulfil the legal requirements necessary. 

The mighty Herman Van Rompuy (one of the bigger jesters in this court) declared this mighty and powerful statement:

Once this is agreed, the single supervisory mechanism could probably be effectively operational in the course of 2013,” he told a news conference after nearly 10 hours of talks. Pretty conclusive right, absolutely no wiggle room here – signed, sealed and delivered.

Phew, for a minute there I was getting worried that this EU summit like many before it would end in vague talk, no real progress, conclusions or measures to push the EU forward.  Thank god for the soothing words of Monsieur Hollande and the ever capable Van Rompuy. 

In all seriousness if it does come about it is a step forward for the Eurozone crisis only because it legally allows bank aid to flow where it should. If you value your sovereignty and control over your own banking domain (which plenty have shown to not be able to do) then its a step back. There was a mention here of creating a European budget as well which sounds awful and my first thoughts are would lead to a much more divided Europe socially. What large German speaking country do you think would control the overall budget?


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