Graham gives his views on the FT article, 'Leaked legal opinion on the eurozone banking union'.
The FT story really brings out the potentially-dubious legal basis of the rushed banking union proposals. Surely tonight, the HOSGs must just have a good dinner and sit back calmly and order a pause for reflection. A decision to tackle the whole banking problem within a new Treaty for 'a genuine EMU' would settle markets, rather than alarm them about cack-handed and potentially inadequate short-term fixes. But that 'specific and time-bound roadmap' must have enough commitment.
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