EU ministers agreed this week to a new banking supervision treaty... that was boycotted till the last minute by, guess who? Merkel.
Uh? Weren't the Germans the champions of the banking union? It seems that they are fulfilling the old Spanish adagio that says, roughly translated: advise I have but not for me.
Why? Because it would imply supervision of many German savings banks which are probably in dire straits. So the resulting agreement leaves actually smaller banks out of EU supervision, what grants that, by the moment, the highly suspicious German banks are not supervised by anyone.
But of course the eyebrows are high already and the too good conditions that the German financial system enjoys in the so-called "markets" is now at risk.
That may be good... or disastrous. Whatever the case it seems clear that blaming Greece, blaming the PIIGS... was nothing else but a case of beggar thy neighbor and throwing shit to the proverbial fan.
In fact what all this evidences is that the whole management of the financial crisis in Europe (and possibly at global level) is nothing but neocolonialism: a reaffirmation of the role that each state is supposed to have in the Imperial Order.