Dangerous Politics at the ECB
Category: general,
Source: info,
Language: en,
Type:
new
.
The General Accounting Office of the EU has no access to the European supervision of banks from the ECB which thus takes place without control. The situation was different when the supervision of banks was a national issue. Mario Draghi, president of the European Central Bank has said that there were too many banks in Europe. However small banks like saving banks and cooperative banks are the backbone of the German economy. The German success in exporting goods is attributed to one half to small and mid sized corporations which are direly in need of small banks to obtain credits (see for this article at DWN). Besides this the relatively cheap Euro makes it more easy for foreign investors to buy German corporations (DWN article).