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EU summit to focus on banking union

German Chancellor Angela Merkel gives a government declaration in the Bundestag prior to a European Council meeting in Brussels on October 18, 2012 in Berlin, Germany.

Each day brings a mix of progress and setbacks in the European debt crisis, but some days are more critical than others. Today, EU leaders are gathering for a summit to discuss, among other things, the possible implementation of a so-called banking union. The proposal calls on the European Central Bank to regulate commercial banks across the Euro countries.

The plan is not without controversy. There is disagreement among the member countries about whether or not to implement a eurozone-wide deposit insurance program similar to the Federal Deposit Insurance Corporation (FDIC) here in the US.

Also on the summit agenda is Greece and its fiscal progress. Analysts believe Greece's recent implementation of austerity measures will earn the country another round of bailout funds -- helping to stave off default and avoid a Greek exit from the eurozone.

About the author

Stephen Beard is the European bureau chief and provides daily coverage of Europe’s business and economic developments for the entire Marketplace portfolio.
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First of its kind, this worldwide crisis was provoked through a terror event (9/11) plotted by a US president, George Bush. This was to destabilize the equilibrium of all Countries and trigger a chain of events almost unavoidable all of them part of the same Plan.
Many simultaneous rebellions stirred up in Arab Countries will benefit in the end only the State of Israel with the expansion of its territory
while...
in Europe and in the US, the financial resources "like magic" will disappear through bailouts, tax cuts and elaborated emergency maneuvers which will be ruled only to appear beneficial for those Countries but instead appositely designed for their collapse (except for England that will push Europe over the precipice).
It is closer than you think and it will occur in sequence.
Once again, the next US presidential election will be fixed. Mitt Romney will be elected even though Barack Obama would have received more votes in the 2012 election. The political assassination will be perpetrated by Bush hiding behind Crossroads GPS, the most influential group of Neocons. All blames and responsibilities will fall on the new Mormon president for the events already planned.
The next World War of Religion is already a done deal behind the backs of all people which will be forced to fight for their own Countries in their obligation as citizens.
There is only one Solution.
http://www.wavevolution.org

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