This week's view from Europe, courtesy of Edith Rigler :
Towards a banking union – European Commission, 10 September 2012
In a press release issued today, the Commission sets out the reasons for establishing a banking union across the EU. On 12 September, it will present a regulation establishing an ambitious single supervision mechanism for banks in the Euro area. The Commission expects these proposals to be adopted by the end of 2012, in order for the new system to enter into force early in 2013.
Making financial centres contribute to the wider economy – speech by Michel Barnier, 6 September 2012
In this recent speech in Brussels, Internal Markets Commissioner Michel Barnier lists three issues that will need to be dealt with urgently in the next few months: (1) the European banking union, (2) the structure of the EU's banking sector, and (3) shadow banking.
Euro area GDP down by 0.2% and EU27 GDP down by 0.1% - EuroStat, 6 September 2012
The most recent figures on GDP growth show a decrease for the Eurozone by 0.2% and 0.1% for the EU 27. Among the countries with positive growth are Sweden (+1.4%), Norway (+1.2%) and Germany (+0.5%). GDP in the UK decreased by 0.5 %.
No agreement between Deutsche and regulators for Deutsche around LIBOR scandal – Handelsblatt, 10 September 2012
An agreement between Deutsche and US and UK regulators is unlikely during the course of 2012. The scandal around the manipulation of LIBOR will not be as swiftly negotiated as with Barclays and RBS. A total of 16 banks are implicated in the scandal.
Customer pays more for account and credit services than before the crisis – Handelsblatt, 5 September 2012
A study by FMH-Finanzberatung reveals that since the Lehman crash in September 2008 every third bank in Germany has increased its fees for account and credit card services. A total 0f 70 banks were analysed. Not one lowered its prices since the beginning of the financial crisis. Still, retail customers are surprisingly reluctant to change banks.
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