Becket Adams
The Blaze
9/17/2012
European Union officials proposed last week a measure calling for national governments to surrender control of their banks to a central authority, TheBlaze reported.
However, there’s at least one EU leader who thinks this will point the 17-nation union in the wrong direction.
German Chancellor Angela Merkel is digging in her heels on plans for a new European banking “supervisor,” insisting Monday that they must not be rushed.
The European Commission, the EU’s executive, has irked Berlin with plans to have the new supervisor oversee every bank in the eurozone, rather than just the biggest, and to have it start work at the beginning of 2013.
“If it’s Sept. 15 today and we’re just starting the discussion, it is relatively unlikely that, on Jan. 1, a functioning authority will be standing where we don’t even have a decision on the building plans,” Merkel said at her annual summer news conference…
Read the entire article at The Blaze.
