Good morning everyone on what should be a really boring and quiet day (trying some reverse psychology here).
I thought I’d kick the new week off with a good old bit of European infighting.
Despite every ECB member and finance minister boring us silly for the last few weeks over getting the banking union up and running, the ECB and Germany have fallen out over part of it.
They’ve managed to agree on everything except how to resolve failed banks.
The ECB want the proposed SRA (single resolution authority) to deal with recapitalisation (via a new fund) or winding up but the Germans want it done at national level and via existing fiscal arrangements.
Full rundown from the WSJ here, and it’s not gated.
