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EU Proposes 'Banking Union'-WSJ

While I don't think this goes far enough I still do view the discussion of a 'Banking Union' as a positive. This crisis will not be resolved without a stricter Union. The best solution would be for Euro-Bonds, a TARP-like program, and more tangible oversight of fiscal budgets. There is no EU if Germany remains adamant on austerity for the peripheral nations, without providing any real means of growing their economies. The only way out of this mess is to grow out of it. Fat is being cut from these bloated governments and there is more to come, but Germany needs to make clear that as a reward for complying Germany will subsidize lower interest costs for the peripheral nations. This makes sense for them because they are the biggest beneficiary of the lower Euro.