Thursday, 9 June 2016

Never mind Brexit, here’s a real threat to the European Union: a Eurozone bank strike…

Commerzbank considers hoarding billions to avoid ECB charges

By hoarding cash instead of lending it back to the European Central Bank (“ECB”), the ECB is inhibited from being the lender of last resort, a role which a central bank is expected to fulfil.

It looks like solidarity is breaking up.  Question is: who is going to blink first?

I wonder if it will accelerate plans to abolish notes and coins within the Eurozone?  And how would such abolition impact the lives of ordinary European citizens?

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