The European Sting - Critical News & Insights on European Politics, Economy, Foreign Affairs, Business & Technology - europeansting.com

Today 5 March 2013, in Brussels, without much publicity the Economic and Financial Affairs Council of the European Union, known as the Ecofin Council, is expected to discuss, inter alia, the new draft rules on bank capital requirements (“CRD 4”), including future rules on bankers’ bonuses. Those issues go in pair, in a way that was not all explained in terms that could be understood by the wider public. The mighty publicity machines of the EU institutions promoted the one, aboutcapping bankers’ bonuses, which is easily sellable to the unsuspecting public, to hide the other about the creation of the ‘undead’ banks.

This last and more important issue is about a number of largely privately owned Eurozone banks, which are to be elevated legally to the ‘undead’ status. The Ecofin will presently create the categories of systemically important financial institutions (SIFIs), global systemically important institutions (G-SIIs) and the EU…

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