You may recall this past summer where Dick Sharpe and myself debated over the future of Europe, with regard to European debt and how it would all be resolved. Dick Sharpe very naively predicted that Europe would consolidate its debt by September of this year, strengthening the core of the European Union by bundling the weak countries (Greece) with the stronger countries (Germany). I on the other hand, took the far more reasonable side of the debate and predicted Europe would not consolidate any of its debt, and would simply give more money to the flailing countries still on the Euro.
Well, the fight is over. There will be no debt consolidation, only a new regulating body to oversee Europe’s largest banks (excluding any banks in the UK), about 200 in total and each with assets over 30 billion Euros. Additionally, new aid packages will be bundled for countries that need it the most, like Greece, Ireland, and Italy. Finally, most of the regulations decided on in this new package won’t even take place in 2013, as the details need to be worked out among all countries in the European Union to take effect in 2014.
In closing, I’d just like to add: suck it Dick Sharpe, suck it good. Don’t like defeat? Join us for the podcast once in a while and defend yourself.