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Herman Van Rompuy and José Manuel Barroso want more power for the European Union. The Think Tank Open Europe says: The true core concept of a European culture is that it is decentralized. (Photo: consilium)

Open Europe: Grand European plans are doomed to fail

Open Europe's Pieter Cleppe says that where the EU has gained a lot of decision making power, it has failed most of the time. He sees democracy best performed in sovereign nations and wants the European institutions being lean and efficient.

Georg Fahrenschon. (Photo: DSGV)

German Savings Banks oppose bailing out faltering banks with the money of German savers

In an unusually bold statement, the German Savings Bank Association (DSGV) expressed deep concerns about a banking union in Europe. The concept was based on "completely false assumptions" and was aimed only at bailing out banks using the money of German savers. Georg Fahrenschon, president of the DSGV, instead wants national regulators to be closely overseen by the ECB. He also wants the European Banking Authority (EBA) to be shut down altogether.

Although Italy's Mario Monti is pushing hard, Angela Merkel does not want to give in on German key objectives for Europe such as stability and accountability. (Photo: consilium)

Merkel says European banking union is a future task, not to happen soon

German Chancellor Angela Merkel is not willing to move ahead quickly with allowing direct aid for European banks from either EFSF or ESM. Instead, she confirmed that every state will have to guarantee for its banks. This will lead to higher deficits in states where banks need to apply for money from the bailout funds.

If Italy fails, Angela Merkel will have a lot to explain to the German public. (Photo: consilium)

Open Europe: If Italy needs a bailout, sentiment in Germany will change

Pieter Cleppe from London based think tank Open Europe expects the ESM to get started despite growing political concern in several Euro countries. However, he thinks the ESM is too small to save the Euro.