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Nosemonkey's EUtopia

In search of a European identity

Fixing the euro: “It’s very simple…”

Yeah – sounds like a piece of piss…

“Jörg Asmussen, a member of the European Central Bank’s executive board and a former official at the German ministry of finance, outlined what Europe needs to do.

“‘It’s very simple,’ Mr. Asmussen said. ‘We need a more integrated monetary union, because the monetary area that we have now is incomplete. And we have to complement it in a way to make it more stable. One point is a fiscal union. The second one is a financial market union with three key elements: a resolution regime; second element, a deposit guarantee insurance; and third, we need a centralized supervision for the large 25 banks in Europe.”

“‘We need a democratically legitimized political union,’ he added. ‘We need to start this speedily.’”

Well that’s alright, then. Should be doable by the end of next week, I’d say.

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