BBC News – Eurozone Agrees On Bank Recapitalisation – 29 June 2012

EU leaders have agreed to use the eurozone’s bailout fund to support struggling banks directly, without adding to government debt.

Speaking after 13 hours of talks in Brussels’, EU chief Herman van Rompuy also said a eurozone-wide supervisory body for banks would be created.

Officials said the plans could be finalised during July.

Read more at : http://www.bbc.co.uk/news link to original article

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Mish/ Mike Shedlock – EC President Van Rompuy Releases 7 Page PDF “Towards A Genuine Economic And Monetary Union”; Merkel Says “No Shared Total Liability As Long As I Live” – 26 June 2012

Inquiring minds are reading “Towards a Genuine Economic and Monetary Union” by the gang of four nannycrats: European commission president Herman Van Rompuy, ECB president Mario Draghi,  José Manuel Barroso of the European commission, and Jean-Claude Juncker, the leader of the 17-country eurogroup.

Don’t expect any details. There aren’t any. Instead the document consists of a wish list wrapped in a wordy package that says virtually nothing.

Mish/ Mike Shedlock – G20 Summit In Flames Already As EC President Blames US For Financial Crisis In Europes – 19 June 2012

The G-20 summit is off to a great start if you like fireworks, endless bickering, and finger-pointing. Otherwise these summits are totally useless.

When asked by a Canadian journalist “Why should North Americans risk their assets to help Europe?” EC President José Barroso replied “Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy.

Mish/ Mike Shedlock – “Dead Before Arrival”: Bundesbank Shoots Down EU Banking-Union Proposal; Eight Lessons The EU Needs To Learn – 13 June 2012

A group of eurozone Nannycrats has agreed to meet later this month to devise a master plan for a eurozone fiscal and banking union.

Here is a synopsis from my post on Sunday Details of the Secret “Nannyplan” Emerge; Proposed Nannygroup Uniforms

John Ward – Euroblown : Daftest Idea So Far From The EUnatics – 11 June 2012

European officials are drafting a proposal to issue joint euro-area bonds for countries running a budget deficit if all of the region’s governments agree, Der Spiegel reported yesterday afternoon. The ‘brains’ behind this idea are, predictably, European Commission President Jose Barroso, European Union President Herman van Rompuy, and Luxembourg Prime Minister Jean-Claude Juncker.

Mish/ Mike Shedlock – Another Meaningless Nannycrat Rumor : Europe Mulls “Secret Plan For New Europe” – 4 June 2012

A story is making the rounds that suggests leaders are going to get together and hammer out a “fiscal union”.

The story appears to have originated on the Welt Online, a German tabloid. The article mentions a Secret Plan for a New Europe.

John Ward – Euroblown : Why I’m Betting That Germany Will Leave Before Greece – 25 May 2012

Yesterday in Brussels, Herman Van Rompuy opened the anarchic proceedings by saying he sensed “a strong will to compromise”. Something of a surreal soundbite and, as usual with the Nipponese Bard, completely wrong.

The popular maverick site Zero Hedge referred to this week’s Euro-bunfight as ‘yesterday’s dismally predictable non-event summit’  last night.  They’re right on the money about it being just as unproductive as advertised – but actually I think it was highly significant for any number of reasons.

BBC News – EU Leaders In China For Debt Crisis Talks – 14 February 2012

(comment Lucas: What is this all about when Fulford says they will not get any money from the guys he is talking about in Asia, it this maybe disinformation or  is it that they are so desperate they have to ask China?)

China has indicated it is considering helping with an EU bail-out fund