As stated by La Tribune, “Emmanuel Macron wishes the implementation of the European Banking Union – a system for joint management of bank failures – to be finalised as soon as possible in order to draw lessons from the Euro zone’s debt crisis.” Well, alright, but why is it so urgent? Is the French President aware of any disturbing report on the French banks? In any case, too bad for him, because Angela Merkel has repeatedly stated that “her country was against one of the pillars of the project, that is the creation of a European fund to guarantee personal deposits,” the paper goes on. To make things perfectly clear, an expert from Merkel’s party said that, “we do not want German depositors in the position of bailing out Greek or Italian banks.” He could have added, with a little less diplomacy, the French banks as well. We’ll just have to rely on our own little biceps, that is the Fonds de garantie des dépôts et de résolution (FGDR), a guarantee fund for deposits, create...
from GoldBroker.com https://www.goldbroker.com/news/going-ahead-with-european-banking-union-deposit-guarantees-every-man-for-himself-1312
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