Now this is going to go over well - EU banking

From The Washington Post:

European leaders agree to have a single banking regulator
European leaders agreed Friday to institute a single regulator with broad oversight over banks in the 17-nation euro zone, a step toward binding the countries' economies more tightly together and eventually throwing a lifeline to Spain's troubled banking sector.

The banking supervisor would have power over the behavior of the roughly 6,000 banks in the euro zone. But the plan would probably take full effect by the beginning of 2014, later than had been anticipated just weeks ago and on a time frame that may not be quick enough to allay market fears that Europe's banks and its governments could drag one another down if any of them gets in trouble.

Well, we all know that if an industry is in trouble, the best thing for it is to have the government step in and take it over. Look at the US Postal Service, look at Amtrak, look at Public Education, look at Fanny and Freddie. Oh. Wait. More:

Until a new regulator is up and running, leaders said, banks would not be able to receive aid directly from Europe's bailout fund, likely leaving the Spanish government with the bill for its faltering financial sector. Leaders said that they did not discuss a broader bailout for Spain during the meeting, though diplomats said Thursday that the Spanish government appeared poised to ask for help within weeks.

The new banking regulator would delegate supervision of smaller banks to national oversight, a concession to German desires to shield their politically powerful regional banks in an election year and also a concession to the reality that it may be difficult to set up an entirely new regulatory operation over the course of just a few months.

One more:

France and Germany clashed during Thursday's meetings, which stretched more than nine hours. Ahead of the summit, Merkel endorsed creating a powerful European official who would have veto power over national budgets, a major giveaway of sovereignty. French President Francois Hollande accused her of paying more attention to her own domestic politics than to what is best for the 17-nation euro zone. But after the meeting, the leaders said they were happy with the results.

"The worst is behind us," Hollande told reporters. "But everything is not over yet because we have to restore confidence and growth."

Emphasis mine -- the European Nations just gave away their sovereign rights to a single bankster? Meanwhile, Hollande is implementing a massive tax increase for businesses which will cripple the French economy -- he has the gall to talk about restoring confidence and growth. It will be nice at some point in the future if they could get some adults to run things instead of the infants now in control.