30-10-2012 - London (UK)

The governance of the eurozone

Participants discussed how much, under the impact of the crisis, the governance of the eurozone had evolved and would evolve further while substantial structural reforms were under way in the crisis countries of Southern Europe and in Ireland. The ambitious nature of establishing a Single Supervisory Mechanism was stressed. The proposed Banking Union was not only about regulatory reform but also about rationalization and depolitization of the banking system. At the same moment, the political class in the UK did not appear to realize that it was setting itself on a course that, further to a referendum, might lead to an exit of the U.K. from the European Union, something that could only be detrimental to the genuine economic and political interests of the U.K.

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