- Intention of ESM was that it wouldn’t be used
- Have to rely on existing treaties for bank union
- Determined to continue on the path of regulation
- Must regulate international shadow banking system
- Bank resolution fund to be built up over 10 years
- Rejects weakening of bail in rules in bank union talk
- Doesn’t see compromise on SRM at next weeks meeting
- Doesn’t want a German but a competitive Europe (led by Germany
- Favours treaty changes to get better governance
- In favor of thinking about first steps to end risk free treatment of government bonds
Being very forthright today isn’t he?
