G20 urges EU to complete banking union fast, Germany digs in heels

G20 urges EU to complete banking union fast, Germany digs in heels
Article from Chicago Tribune:

April 19, 2013|Jan Strupczewski and Gernot Heller | Reuters

WASHINGTON (Reuters) ? World financial leaders urged the European Union on Friday to quickly complete its banking union to help growth, but Germany stood firm that the next step toward such a union be through a lengthy and risky process ? a change of EU law.

The banking union is one of the key projects to improve the economy of the 17 countries sharing the euro. It would help eliminate many of the problems that now hold back the flow of credit needed to finance a euro zone economic recovery.

?In the euro area the foundations of economic and monetary union should be enhanced, including through an urgent movement towards banking union,? finance ministers and central bankers from the G20 leading economies said in a statement.

The EU has already made the first step ? it agreed that the European Central Bank would take over the supervision o???????continues on Chicago Tribune

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Greg Gonzales: Banking system is carefully monitored
Article from Knoxville News Sentinel:

In the early months of the recent financial crisis, the Department of Financial Institutions received a variety of reports of anxiety among bank customers throughout the state.

We received enough calls asking whether Tennessee banks were failing that we set up a specific group of people to receive and answer those calls. We then decided that we needed to be proactive and get out around the state to speak to citizens directly.

I remember a bright fall day that I was asked to attend a meeting set up by a rural Tennessee bank for some of its customers who were concerned. As I planned for this meeting, I thought perhaps a couple of dozen people might show up. For a variety of reasons, more than 150 interested citizens decided to come and ask questions for the better part of an hour.

One of my main messages that day was that there was a state agency named the Department of Financial Institutions that, in partnership with federal agencies, monitors the condition of state banks and works with financial institutions to provide a safe and sound banking system for the people of Tennessee.

The audience was made up of small-business leaders, government offi???????continues on Knoxville News Sentinel
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Source: http://banking.efinancewise.com/g20-urges-eu-to-complete-banking-union-fast-germany-digs-in-heels/

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