Nothing happens in Europe without German approval. And that is exactly what happened when German Chancellor Angela Merkel’s cabinet approved legislation that would grant the European Central Bank (ECB) the authority to oversee a banking union of the continent’s largest banks. The legislation still needs to be approved by the German parliament, and would also require a change to at least some of the European treaties. Those changes would no doubt firmly place Germany in control of the banking union.
The ECB is controlled by Germany, which means that Germany is in charge of European economic matters, including rescue packages for bankrupt nations or banks. The banking Union would be designed to prevent excessively indebted nations from having to rescue failing banks.
Stepping closer to a banking union is also stepping closer to German dictatorship over the economies of Europe. At the present time, Germany can only enforce its will completely on nations who have to ask for a rescue package to survive economically.
A banking union would be a new central authority among the institutions of the European Union. It would also bind the Eurozone nations much closer together and require them to yield one of the most important aspects of their sovereignty, whatever is left of their economies.
Jörg Asmussen, a member of the ECB’s Governing Council, emphasized to the European Parliament “that Europe needed a strong authority capable of making quick and impartial decisions on [closing down failing] banks. ‘Only then we will be able to break the negative interaction between sovereigns and their banking systems.”
The point Asmussen is making is that for the European Union to fulfill its intended role, banks have to be separated from their nation states, otherwise, the control is too decentralized for Brussels to extend its power over their economies.
This is talking about a dictatorship. He who controls the money controls everything. The centralized and dictatorial government of the European Union, controlled by Germany is angling to manage every aspect of European life through control of the economy.
The European Union is rebuilding the ancient medieval regime known as the Holy Roman Empire step by step. In order for Europe to achieve its prophetic destiny so that Romanism can rule the old world, there must be economic and political centralization and the loss of the middle class. The economic crisis in Europe is accomplishing all three objectives, and is leading toward a single religious worship.
The deadly wound is being healed. See Revelation 13:3.