Financial Dictatorship Spreads To Europe

Regulatory powers in all nations to be handed over to newly formed EU bodies in conjunction with the European Central Bank

Steve Watson
Infowars.net
Friday, June 19, 2009

The European Union is set to mirror moves in the US to overhaul the economic regulatory oversight system, in a move that will see national regulators superceded by European supervisors.

“The proposals involve creating three pan-European watchdogs next year to ensure countries introduce new rules on supervision.” Reports the London Telegraph.

“Under the proposals, there is to be a European Banking Authority in London, an Insurance Authority in Frankfurt, and a Securities Authority in Paris. All European leaders agreed today to their creation.”

These three new bodies will have the authority to dictate and implement decisions on regulatory standards across the board in every member state.

Furthermore, the deal will see the creation of a European Systemic Risk Board, that would “monitor the build up of risks”, issue recommendations for action and oversee their implementation.

The chairmanship of this new body will be elected by members of the general council of the European Central Bank.

This mirrors plans in the US to hand the private Federal Reserve powers to simply seize and take over any company it defines as a risk to the economy.

Of course, we shouldn’t be surprised by the move given that, for the most part, the Federal Reserve and the European Central Bank are run by the same private globalist banking corporations.

The London Telegraph’s financial editor, Ambrose Evans-Pritchard, explains how this move will see a massive amount of power shifted from national governments over to the EU, and effectively the European Central Bank.

“Britain cannot veto the proposals because EU single market laws are passed by qualified majority voting (QMV).” he writes.

“It would be a serious political matter if the EU proceeded against vehement objections from the British Government. Any outcome depends on whether Gordon Brown is willing to risk a showdown with Europe.”

A senior French official has stated that the move to hand over vast swathes of power to the Federal Reserve in the US will spur European elites to do the same:

“If the Americans make strong commitments towards regulation and on derivatives and other sophisticated products, I believe they are going further than the Europeans. That will provide a boost to the most determined among the Europeans,” the official said.

Once again, we are seeing nothing less than a green light for the complete and total takeover by a private banking cartel that will usurp the power of existing regulatory bodies, who are now being blamed for the financial crisis.