Yes. Give up control of their banks. What could possibly go wrong?
In a proposal that represents one the most significant surrenders of national sovereignty since the creation of the euro in 1999, the European Commission, the EU’s executive arm, proposed Wednesday to make the European Central Bank (ECB) the single supervisor for all 6,000 banks in the 17 countries that use the currency.
The Commission wants to give the ECB sweeping powers from the ability to grant and take away banking licenses to extensive authority to investigate and fine wayward banks.
Jose Manuel Barroso, the Commission’s president, said giving up control of banks would be just the start and that countries should get used to handing over powers to Europe in order to solve the region’s debt problems.
“We cannot continue trying to solve European problems just with national solutions,