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ING Groep N.V. Message Board

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  • jpomper jpomper Jun 5, 2012 3:28 AM Flag

    ING will jump $1 with credible EU plan...

    Actually, the EU has 3 easy-to-implement solution to the Euro crisis problem on a scale of 0(disband)-to-1(full) integration scale.

    the (0=disband) solution::
    Overnight declare the common Euro is canceled;
    and introduce 1Common Euro=1Dutch Euro currency.
    In a 3 day long bank holiday all cash in hand can be stamped over to Dutch Euro at 1:1 rate, all bank deposits are converted 1:1 Dutch Euro, and from this point all ATMs issue Dutch Euros. Prices can stay, financial infrastructure remains the same.
    Those missing the voluntary stamping can convert later their cash at 1% discount for 2 months.
    All other countries do the same.
    Game over for CommonEuro.
    Euro crisis over, since there is no common euro.
    Those who want, can devalue (or the markets do for them) their currency.


    the (1=integration) solution::
    All Euro states declare their Finace Ministry became a department of the common EU Finance Ministry, including bank supervision authority. Their budgets become a RegionalChapter of the common EU budget.
    All national banks become a department of ECB.

    The State Finance ministers are responsible for their budget department, including states (Dutch etc.) bond issue, just like US states issue bonds. And Oli Rehn, the the Eu ecofin boss is the temporary head of EU finance ministry for 6 months, and immediately starts to issue Common EU bonds thru Eu banks, to help finance the integrated Eu budget.
    Total integration completed.
    Crisis is over, since no more separate state budgets with common Euro currency.

    the (0.5=interim) solution
    All euro state's bank supervision is integrated in ECB, and ECB charter is extended to include common EU bond issuance to finance EU Council approved EUbudget items and projects. All euro states contribute to increase the capital base of ECB up to 1.0 trillion euros according to GDP ratios.
    The banking system is integrated completely (it is almost integrated anyway).

    Just do something, for Cristsake.

 
ING
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