What chance a functioning banking union after Christian Noyer’s crass remarks?
Jeremy WarnerThe underlying cause of this misalignment is obvious enough and readily acknowledged by European leaders. Dysfunctional monetary union is causing the continent to sink ever deeper into a toxic bedlam of pro-cyclical economic policy and internalised crisis management.
Perpetual firefighting, however ineffectual, has become an all-consuming endeavour, sapping the energies of this once mighty dynamo of economic achievement and leaving little time or room for almost anything else. In its efforts to hold the single currency together, Europe seems to have condemned itself to a permanent state of quarantined sickness. Slowly but surely, the rest of the world seems to be emerging from the gloom; Europe remains firmly stuck.
Nowhere is the lack of progress more obvious than in attempts to forge a “banking union”, an absolute prerequisite of a properly functioning monetary union. Ministers meet this week in Brussels to try to thrash out a deal, with hopes apparently high of some kind of a breakthrough. The reality is a good deal less reassuring. Meaningful banking union in Europe any time soon? A snowball in Hades would stand a better chance.
Pour citer cette ressource :
"What chance a functioning banking union after Christian Noyer’s crass remarks?", La Clé des Langues [en ligne], Lyon, ENS de LYON/DGESCO (ISSN 2107-7029), avril 2012. Consulté le 30/11/2023. URL: https://cle.ens-lyon.fr/anglais/archives/archives-revue-de-presse/what-chance-a-functioning-banking-union-after-christian-noyer-s-crass-remarks-