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Wednesday, May 30, 2012

The EU Oversteps The Mark

The EU has said today that the Eurozone should consider setting up a banking union and allow a rescue fund to directly boost the capital of banks to further stop expensive bailouts from pulling down governments’ own finances.

That's all very nice, in theory. However, the EU is not the ECB; it is up to the ECB and central banks to determine the capitalisation levels of European banks.

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