Along the path to creating a United States of Europe, one must first stop and consolidate the banking industry to create a level economic playing field for the rest of the bloc. Once this groundwork has been laid out, the military, or European Army, is next.
BRUSSELS/BERLIN – Germany signaled on Wednesday it was ready to back plans for the European Central Bank to be made the chief supervisor of banks, raising the prospect of a breakthrough on the European Union’s most ambitious financial reform.
Finance Minister Wolfgang Schaeuble told the German cabinet he was “optimistic” about a deal ahead of a meeting of EU finance ministers in Brussels on Wednesday, a German official said, speaking on condition of anonymity.
“We hope for major progress and perhaps a breakthrough (in the talks),” he said. “We have some questions but if they can be resolved by finance ministers today then Germany will not stand in the way of an agreement.”
Full article: ‘Germany will not stand in the way’: EU closer to reaching banking union deal (Financial Post)