More European Dis-Union: Finland Rejects Pooled Funds Required For 'Banking Union'

Tyler Durden's picture

While ever so politically correct in their response and positive about the need to protect an ailing banking system, the Finns have said 'ei' - which means 'no' - to the pooling of funds.

Finland considers that the proposed directive is called for but does not support any national funding arrangements would be required to borrow funds for national funding arrangements in other member countries.

Posturing? maybe. Negotiating? perhaps. An unequivocal show of support for the kind of progress we all hoped was being made in Europe - not a single bit.

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GetZeeGold's picture



Wow....can they actually do that?


Ghordius's picture

of course they can do that. both european clubs are tailored to nations and represented by their governments (in the ECB, by their CBs).

the Finns have a clear cut political view within a parliamentary majority, and so this view is aired, loud and clear.

of course, when it comes to voting in the two Councils, they might lose. and the question is if they would really prefer to step out of the EZ and "just peg" to the EUR, in the same way as the Danes or the Swiss do.

which might be the sounder solution for Finnland - IF there would not be that "little thing" called Russia that risks to "capture" little Finnland in it's economic, monetary and political orbit.

Rubicon's picture

The Finns are Russians with white hair

Deo vindice's picture

Pooling of funds always is appealing to the lazy or poor.

Never quite so much to the hard labourer who earned his wealth by those labours.

LawsofPhysics's picture

This game of dominoes is taking forever.

SnobGobbler's picture

dominoes! no wonder i am losing; they said it was majong!

noses's picture

It always takes longer than necessary if public servants are involved.

PaperBear's picture

Pooling funds so looting will be that little bit easier.

debtor of last resort's picture

A banking union is not progress. A Burning Banking Union is progress. Go Finland go, save us! Don't make the fascist playground larger.

Stuck on Zero's picture

Laugh all you want at the Europeans.  At least they are attempting to do something about intolerable debt loads.  What are our leaders doing?


shovelhead's picture

Printing money...

Because it's fun and easy to do.

Print-a-bubble cleans those nasty toilet rings of debt. Try some.

Soon to be available in Euro-land.

el Gallinazo's picture

"An unequivocal show of support for the kind of progress we all hoped was being made in Europe"


To the ZH editor:  As Tonto said to the Lone Ranger when surrounding by hostile Indians - Who's "we," whiteman.  I certainly am not "hoping" for a continent wide, unelected, fascist state in Europe.

SavingsTherapist's picture

We'll skip fascism this time and move straight into totalitarianism. Modern technology enables 100% surveillance of your actions. Why wouldn't they use it?

SavingsTherapist's picture

Finns DON'T defend the banking union and carrying all of our money to some 1000 billion euros supranational monster in the name of stability and safety. Just our thoroughly corrupted politicians, like Jutta Urpilainen and Jyrki Katainen do.

They are an endless source of jokes here. Just like Ceausescu was in Romania.