Skip to main content

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












Comments

Post a Comment

Popular posts from this blog

SUGGESTION TO THE FEDERAL CONSTITUTIONAL COURT, GERMANY

SUGGESTION TO THE FEDERAL CONSTITUTIONAL COURT, GERMANY  To:               The Right Honorable Federal Constitutional Court Vice President  From:           Athinarayanan Sanjeevraja Date:            05.10.2011 RE:               Issuance of Eurobond   Suggestion:    Approval of Issuing Eurobond Good Morning Prof. Dr. Kirchhof. I am writing to express that Federal constitutional court explicitly rules out Eurobonds a few weeks ago. In addition you had warned, Ms. Angela Merkel, a Chancellor of the Federal Republic of Germany, never again to propose Eurobond. This is certainly not good news for me as well as Europe. German brothers and sisters in the Euroland must help in this difficult moment with iss...
Post a Comment
Read more

SUGGESTION TO THE PRIME MINISTER OF JAPAN YOSHIHIKO NODA

SUGGESTION TO THE PRIME MINISTER OF JAPAN YOSHIHIKO NODA To: The Right Honorable Japanese Prime Minister Yoshihiko Noda From: Athinarayanan Sanjeevraja Date: 30.09.2011 RE: Japan Energy Policy Suggestion: Changing Industrial Policy Good Morning Prime Minister. BBC World broadcasted your speech regarding alternate energy sources. I agree with your approach to reduce nuclear power in the medium term because having the nuclear reactors in an earthquake prone zone is not safe for the environment or the communities that live near them. Japan is struck in a difficult situation concerning energy. If you want to eventually move away from the nuclear energy, you’ll have to invest more alternative energy sources. If you can’t invest, then it may have to say with a nuclear power for a while. You need make the right decision because source of energy is dwindling. You have one more option which is Japanese people depend on nuclear power with only 1% but 9% including hydroe...
Post a Comment
Read more

SUGGESTION TO THE BANK OF ENGLAND GOVERNOR SIR MERVYN KING

SUGGESTION TO THE BANK OF ENGLAND GOVERNOR SIR MERVYN KING To:               The Right Honorable Bank of England Governor Sir Mervyn King   From:           Athinarayanan Sanjeevraja Date:            October 17, 2011 RE:               QE Suggestion:    Identify and correct the fundamental factors that are behind low economic growth.  Good Morning Sir. The Bank of England has decided to undertake more QE. I agreed that during the financial crisis of 2007-2008 monetary policy was effective in re-establishing liquidity in the main developed economies especially US, UK and Europe. But current economic conditions in developed economies reveal problems whose solutions are far beyond the scope of monetary an...
Post a Comment
Read more