If the German position prevails – and it may well do – the project of a banking union will have irrevocably failed. There will be something called a banking union, announced and celebrated. The EU will congratulate itself, but it will be largely irrelevant to the workings of the financial sector. The eurozone will remain a monetary union with nationally supervised and crisis-prone banks for the foreseeable future.
假如德国的立场占了上风(很有可能如此),那么银行业联盟计划将无可挽回地遭到失败。欧洲会建立起所谓的“银行业联盟,昭告天下,普天同庆。欧盟也会自我祝贺,但这个联盟将在很大程度上与金融业的运作没有关系。在可以预见的未来,欧元区仍将是一个货币联盟,其中的银行仍将由国家监管,危机丛生。
Germany’s expressed preference to restrict centralised supervision to 25 banks reminds me of the debate about the EU mergers and acquisitions regime in the late 1980s. The disagreement between member states was solved through a size threshold. The European Commission would deal with large cross-border mergers, member states with the rest. Germany now applies the same thinking to the question of banking supervision. Mr Sch?uble and his colleagues are looking at this from the perspective of competition policy, not financial stability, which is absurd. They fear an erosion of their own competitiveness. Once again, national interests take priority over the eurozone-wide common good.
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