Why Are TBTF Banks So Happy With The EU Banking Union?

by Don Quijones • July 10, 2014

On Tuesday, November 4th of this year, supervision of the Eurozone’s 130 biggest banks, representing 80% of total financial assets, will be passed from national authorities into the welcoming hands of the ECB. From that day on, European banking union will be a reality.

The banks love the idea, as do apparently most Eurocrats, Members of the European Parliament, and national leaders. Even Angela Merkel and her government have finally come on board, in exchange for guarantees of “quality surveillance, tighter coordination of economic policies, and more binding agreements.”

As for the rest of the inhabitants of the Eurozone – all of whom will be impacted in one way or another – most are blissfully unaware that it is even happening. A new continent-wide banking system is taking shape right before our eyes and under our noses, but our eyes are closed and our noses are blocked.