UK banks could be shut down or forced into bail-outs by Brussels..the end game has commenced
Banks in London could be shut down or forced into taxpayer-funded bail-outs against the wishes of the British authorities under controversial “banking union” proposals from Brussels, it can be disclosed.
A panel of European officials would be given sweeping new powers to police the financial sector across the continent but also in the City of London.
They would be given “full decision making powers” to impose EU law and to arbitrate disputes between Britain and the eurozone over the risks posed by British banks, according to the proposals being tabled on Wednesday at the European Commission. Decisions taken by the powerful body would be automatically binding unless Britain was able to win the unlikely backing of a majority and overturn them.
Rulings by the panel could create huge costs for the British government and banks if they were ordered to bail out a struggling institution, contribute to cross-border bail-out funds, or allow the EU to rule over breaches of European law.
The moves stem from proposals for a eurozone “banking union”. The radical new EC blueprint for banking regulation at the EU level is focused on giving the European Central Bank new powers to supervise the eurozone’s banks, in order to shore up struggling financial institutions in southern European countries such as Spain.
But the ECB’s new role would see the existing European Banking Authority (EBA) – the current pan-European bank regulator that has its headquarters in London – being radically overhauled and strengthened. Its panel of European officials would be given new powers to stamp its authority on potential disputes between both eurozone and non-eurozone countries, including Britain.
this is the ECB and other technocrats assuming control of european zone countries via their budgets..the final loss of individuality of your country..right here right now..