read it all here :
http://www.voxeu.org/article/manifesto-banking-union-economists-germany-austria-and-switzerland
" A monetary union with free capital flows cannot work reasonably without a unified banking framework"
recommendations ?
"A European backbone " for a system that has decisively "decoupled"
crucial private MN-banks ( "relevant financial institutions")
from national sovereigns
backbone ?
"In no way does this endorse a collectivisation of bank liabilities.
Rather it is essential
to cede
key powers of regulatory intervention in member countries
to
a banking supervision authority at the European level
Only a European banking supervisory authority
with sweeping intervention powers
can break the linkage
between the financing of governments and of banks"
