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EuroBank for 27 states could be in place as early as next year on Thu 14th June, 2012
EuroBank for 27 states could be in place as early as next year
The European Commission announced this week that a single regulator to oversee banks in all 27 EU countries could be in position as early as next year.
Today, Will Davies – a leading UK entrepreneur - warned British business of the importance of monitoring developments in Europe.
“It is impossible to predict how developments amongst the EuroZone banks will affect British business without knowing the details of their arrangements,” said Will Davies – co-founder of aspect.co.uk London’s leading Property Maintenance and Refurbishment Company.
“I think it could go either way. If this forces closer fiscal union and collaboration on those who participate then that may bring the controls that are required to give the Euro the strength to ride out the crisis and develop strongly when it is over. If the EuroZone then proves to be successful we may regret being excluded.”
“If however, these changes turn out to be little more than the stronger countries within the Euro guaranteeing the debts of the weaker ones who will continue operate their own fiscal policies - or lack thereof - then in the long term we will be thankful that we chose to remain on the periphery,” said Mr Davies – who was an investment banker before creating aspect.co.uk
Many economists believe that a permanent union between the European banks is the only long term solution to the EuroZone crisis but the German Central Bank is thought to be insisting that countries reduce their debt level to proportions similar to Germany’s before any action can be taken.
A Euro banking union would require all the participating states to cede some legislative powers – such as taxation – to Brussels and for this reason a UK government would be unlikely to agree to it. It would be far more likely that the banking union would only extend to the 17 states which form the EuroZone.
However, European Commission President Jose Manuel Barroso has said that a system of common bank supervision could be in place as early as January 2013.
The Commission proposals also include a bank bailout fund which would be financed by a levy on all EuroZone financial institutions and a deposit guarantee scheme which would protect savers if a European bank collapsed.
John Price, Hillgrove PR.
T. +44 (0) 20 3603 0366