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ESM Banking License? Not Happening as Merkel Allies Harden Opposition

by Mike Shedlock
MISH’S Global Economic Trend Analysis

So far it’s been nothing but hot air and no action from ECB president Mario Draghi after he pledged to do whatever it takes to save the euro.

One of the highly-touted ideas as of late has been a ESM banking license. However, the idea is not really new, and has been shot down repeatedly already. Nonetheless eurocrats like Jean-Claude Juncker, chairman of the eurogroup, keep bringing the idea up as if the answer will change.

It won’t. Bloomberg reports Merkel Allies Harden Opposition to Granting ESM Bank License

German Chancellor Angela Merkel’s coalition rejected granting the permanent euro rescue fund access to European Central Bank liquidity via a banking license, as the Finance Ministry said it saw no need for any such move.

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