Do you think "belonging" to a supranational European Union whose Council can dictate your nation's budget and investment is bad? How about getting to "belong" to a "European Banking Union" which can also order your nation to bail out banks anywhere?
This was the imperial vision offered by a desperate financial elite to desperate governments, in the Bloomberg interview this morning with Michel Barnier, EU commissioner for financial services.
Barnier pronounced that at this moment of unstoppable Europe-wide bank crash, a European banking union must be created! "We must go further, and create at the level of the European Union this banking union, with a certain number of tools or reforms, some of which are already on the table".
The "tools" or, as Barnier wishes, the rules discussed are 1) a Europe-wide FDIC, with powers for bank resolution which sound like those claimed for the U.S. Financial Services Oversight Board created by Dodd-Frank, and with trans-Atlantic-wide bank premiums paid for the insurance; and 2) power for the EU, where countries lack the means to bail out their banks on the scale they need it (as in Spain now), to compel other countries to transfer that money to the country which lacks it.
Number 1 has already been under discussion in meetings in London which have included the FDIC. Tying this to the U.S. taxpayer, the May 22 London Financial Times reported that behind the scenes, "the Bank of England, the [British] Financial Service Authority (FSA) and the American Federal Deposit Insurance Corporation (FDIC) are studying a 'top-down bail-in' mechanism, in which combined authorities take control of a bank in difficulties." Sounds like a Churchillian "English-speaking banking union." Estimates of bank runs waiting to happen in "peripheral" countries go up to EU 350 billion in mass withdrawals.
As for Number 2, perhaps NATO would enforce it...