EU calls for euro zone banking union, direct bank recapitalisations
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"A closer integration among the euro area countries in supervisory structures and practices, in cross-border crisis management and burden sharing, towards a "banking union", would be an important complement to the current structure" of Europe's economic and monetary union, the Commission said.
"In the same vein, to sever the link between banks and the sovereigns, direct recapitalisation by the ESM might be envisaged," the document said.
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Germany also strongly opposes allowing the ESM to directly recapitalise banks - an option Spain wants.
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Focus on Spain
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The Commission said Spain could try to raise additional revenues by getting more money from valued added tax, reducing tax breaks and raising excise duties on fuel. It has to cut spending on health care and pensions, among other areas.
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France's deficit
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The European Commission has warned France that hitting its deficit target of 3% of GDP by 2013 would prove difficult and urged it to do more to rein in public finances.
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Euro zone firewall
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The European Commission said that consideration could be given to using the euro zone firewall, the European Stability Mechanism, to prop up Spanish and other crisis-hit banks.
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UK needs more houses
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The European Commission has urged Britain to build more houses.
RTE News - Updated: 16:13, Wednesday, 30 May 2012
Herzlich Willkommen in der Banken-Union !!!