To all the critics of the euro and the ECB: “I won. You lost”

No, I jest.

From Reuters;

  • A banking union is vital for the proper functioning of the euro zone and a mechanism to wind down failing banks should enter into force by 2015
  • As a first step towards the closer integration of the euro zone’s banking system, the ECB is set to start supervising the bloc’s banks from next year.
  • A single mechanism to wind down failing banks is in the works.
  • “We trust that a single resolution mechanism will enter into force by the beginning of 2015″
  • He said euro zone countries had made welcome progress in bringing down budget deficits, noting the average primary fiscal deficit stood at around 0.5 percent of gross domestic product in 2012 compared to about 6 percent in the United States