, it's very important to distinguish between the timetable for fiscal union and the timetable for banking union because banking union has the "political advantage" that you can pool sovereignty in a bureaucratic, technocratic institution, most likely the central bank to oversee that. you cannot do that with fiscal policy because it's inherently political. so i would absolutely not believe a banking union is that far away. i believe we're close to one. >> next week? >> no, i think we will have an announcement of one next week that will have this proportionality between pooling of sovereignty and pooling of in this case not debt, but contingent liabilities is what we're talking about, but the principal is essentially the same. >> next question here, let's see, can i get a microphone here? you had one, right? >> yes. >> i'm harlan omar of the atlantic council. i thank and congratulate the panel for a lively and provocative series of comments. i wanted to enlarge the discussion however along the lines of a headline i remember reading years ago in london in the express of the mail that read "channel fogged in, continent

banking union i'm sure that within three months we will have a banking union ok well can you explain what that you are this what does that actually mean because i mean the nationalization of the banking system that sounds like a better idea to me than what we have now. that's absolutely not true is the banking business we really have now is the banking system in the european union for the people how's it work for the people we have a crisis yes of course we have a crisis but we cannot reside banks what we have it is have national average ever seem to have nationalizing over the system working without banks i don't see the system working now right if you want to jump in there. yes i do use his assumption is that the free market quote is basically a little bit out of balance and with a little bit of a twisting of the adjustment here it will come back into balance he does not understand that the present system is fundamentally flawed and he's going down hill and he has nothing to offer he cannot come forward with a substantial practical proposal which will solve the problem for the mass of people in spain it's fifty three or fifty four percent of unemployed amongst the people between ei

a central banking union with the central bank overseeing the banks in the eurozone, because before this, it was like every bank for itself, and every man for himself. what this banking union does is important because there are 17 kun ri in the eurozone, so finally doing something novel and showing cohesion and putting one group over all of the banks so it makes coordinating the solutions when things go wrong easier and easier to put the money into the banks that are struggling to survive. until now, the individual countries, suzanne, they had to borrow money to help the banks and that drove up the country's debt load which ultimately hurt the banks and made it more expensive for them to borrow money and meant they needed more money. what this does is to break the vicious cycle that is happening, and that is why you are seeing the investors so happy about the deal. and you are seeing the dow rally 228 points higher right now. suzanne. >> wow. that's pretty amazing. is this really considered a major breakthrough? >> well, you know, you talk to different people, and they are kind of skeptical about this. you know this, we have seen many of the european meetings come back wit

union. second because we have a new plan, a new government, a new plan, very aligned with german key points, and we never fought european union. we see the rescue like help to our banks because our bankse a lot of problem but our estate, our country has not the same problem like ireland or greece. here we have been very worried, but we are very worried about the credit. when timely t finally the banks money to the retail people and small and medium companies, but we don't feel that we are greece. we don't feel that we are in so huge problem like greece, po portugal and ireland. >> sarah, thank you very much for that. >>> a couple of things, fitch, first of all, says a disorderly greek exit could lead to wider euro breakup, as a result, they say, the u.s., uk, and french aaa ratings are all under pressure. so fitch saying u.s., uk and french aaa ratings are under pressure. >>> an auction out of the uk, fi five-year, 0.9275 for uk money, a low yield in auction. the bit to cover was 1.28. >>> some jpmorgan executives and directors may have known about risky practices by traders in london well before the bank announced its $2 billion loss last month. the "wall street journal" says discuss

union and the timetable for banking because of thinking union has a quote unquote political advantage he can pull sovereignty in the bureaucratic technocratic institution that sickly european central bank. you cannot do that with disco because it's an inherently political. so there's a timeframe that we talked about. so i actually do not believe that a thinking union is that far away. i actually believe it's a very close one. >> i think we will have an announcement at a camp will have this proportionality in your cooling of sovereignty and coordinates in this case, not bad, the contingent liability. but the principle is essentially the same. >> can i get a microphone here? >> i am at the olympic council. first i want to congratulate the panel for a very lively and very provocative series of comments. i want to enlarge the discussion along the lines of the headlines. you remember reading years ago in mind and an express in another bad channels via dan, content cut off. we are looking at this in isolation of europe and there's a lot of that they're part, let alone the collapse of the new greek government. what's happening in syria and iran and the supreme court decides to ruin the affordable health care act here come you can imagine what will happen to the stock market. there's a whole series of misogynist things going on not being considered that o

union and the timetable for the thinking union because banking unit has a quote, unquote political advantage you can pull sovereignty and a bureaucratic technocratic institution much like the european central bank to oversee it. you cannot do that with fiscal policy because its own inherited politically. you need to create a political institutions are the fiscal union, which will take the timeframe we talk about. so i actually do not believe that thinking union is that far away. i actually believe are very close. >> ulrike. >> i think we'll have one with the proportionality between pulling the sovereignty and pull enough, in this case, not that, the contingent liabilities is what we're talking about. >> a question here. can we get a microphone here. you have one. >> i'm at the atlantic canceled. first i want to thank and congratulate the panel for a very lively and provocative series of comments. i want to march the discussion however long the lines of the headline i remember reading years ago in london and stress the mail that red channel five to cut in, cut off. we're looking at this in isolation if europe and there's a lot of other moving parts, let alone the collapse of the new greek government, what happens in syria and iran and the supreme court decides to rule me affordable health i.t. or they do come you can imagine what's going happen to t