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THE EUROPEAN BANKING UNION (EBU) 2013

                       To: The Right Honourable British Chancellor of the Exchequer Mr. George Osborne

From: Athinarayanan Sanjeevraja

Date: December 13, 2013

RE: European Banking Union (EBU)

Suggestion:
Good Morning Mr. Chancellor. Let me start by paying my respects to you and through you to.

Mr. Chancellor, Financial Times, London reported that EU sets out framework for Banking Union but several EU finance Ministers raised strong objections. In my opinion, banking union is necessary to ensure the future resolution of failing banks within the EU and it is intended to restore confidence in banks all across the eurozone. There are too many undercapitalised institutions in the European market. Thus, there are too many problems in the European banking sector. For instance, increase in non-performing loans of banks, too large banking sector in small eurozone countries, high public debt through bank bailout and great linkages in European banking the risk of spill-overs and contagion in the case of banking crisis, Indeed, it is better to be establishing a common funding network which can foster financial stability in Europe and it would take into account the cross-border externalities of large banks. I am confident that European Banking Union have better supervision and regulation could be a more effective way of reducing the impact of bank credit worthiness on sovereigns and promise to limit banking sector instability and minimise the fiscal cost of bank failures.


Mr. Chancellor the handling of the European banking problems has been really wicked. I hope that European Banking Union (EBU) recently taken by European Council will be more successful. I believe that European Commission/European Council/European Parliament is doing splendid work to solve banking crisis. I would suggest a concrete terms for the immediate future. We should mark the biggest surrender of sovereignty while much progress has been made and the tasks ahead remain considerable. Your continued cooperation and support will be essential to ensuring that we build a more resilient, efficient banking system.     

I most humbly prayed you as a responsible leader, we should end European banking crisis and make Euro as a stronger currency in the world.

Please accept, your Excellency, the assurances of European Council highest consideration of supporting European Banking Union on the summit of EU leaders next Wednesday.   

Sincere Regards,

Athinarayanan Sanjeevraja

The letter, copied into leaders of all EU Finance Ministers.
Austria Federal Minister for Finance Ms. Maria Theresia Fekter
Belgium Finance Minister Mr. Koen Geens 
Bulgaria Finance Minister Mr. Petar Chobanov
Croatia Finance Minister Mr. Slavko Linic
Cyprus Finance Minister MR. HARRIS CHR. GEORGIADES
Czech Republic Finance Minister Mr. Jan Fischer
Denmark Finance Minister Mr. Bjarne Corydon
Estonia Finance Minister Mr. Jürgen Ligi 
Finland Finance Minister Ms. Jutta Urpilainen
France Finance Minister Mr. Pierre Moscovici
Germany Federal Ministry of Finance Dr. Wolfgang Schäuble
Greece Finance Minister  Mr. Yannis Stournaras
Hungary Finance Minister Mr. Mihály Varga
Ireland Finance Minister Mr. Michael Noonan
Italy Finance Minister Mr. Fabrizio SaccomanniFabrizio Saccomanni
Latvia Finance Minister Mr. Andris Vilks
Lithuania Finance Minister Mr. RIMANTAS ŠADŽIUSMANTAS ŠADŽIUS
Luxembourg Finance Minister Mr. Luc Frieden 
Malta Finance Minister Professor Edward Scicluna 
Netherlands Finance Minister Mr. Henk Kamp
Poland Finance Minister Dr. Mateusz Szczurek
Portugal Finance Minister Ms. Maria Luís Albuquerque
Romania Finance Minister Mr.  Florin Georgescu
Slovakia Finance Minister Ing. Peter Kažimír
Slovenia Finance Minister Dr. Uros Cufer
Spain Finance Minister Mr. Cristobal Montoro 
Sweden Finance Minister Mr. Anders Borg
British Chancellor of the Exchequer Mr. George Osborne












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