July 25, 2012 at 08:22 AM EDT
ECB’S NOWOTNY SEES ARGUMENTS FOR GIVING ESM A BANKING LICENSE
Yes, I think it’s all still happening as suggested last month after Trichet proposed a plan that included the ECB. Lots of market vol, doubts, fears, etc. and all for good reason as it could fall apart as easily as it could all succeed. I still lean towards the latter. From Dave Vealy: NOWOTNY SAYS [...]

Yes, I think it’s all still happening as suggested last month after Trichet proposed a plan that included the ECB.

Lots of market vol, doubts, fears, etc. and all for good reason as it could fall apart as easily as it could all succeed. I still lean towards the latter.

From Dave Vealy:

NOWOTNY SAYS ESM GAINING BANKING LICENSE IS ONGOING DISCUSSION
NOWOTNY NOT AWARE OF `SPECIFIC DISCUSSIONS’ WITHIN ECB ON ESM
ECB’S NOWOTNY SEES ARGUMENTS FOR GIVING ESM A BANKING LICENSE

From what I am aware, first time an ECB official raises this issue. A significant positive surprise if this is the case, as it would signficantly increase the ESM’s capacity for intervention.

ECB’S NOWOTNY SEES ARGUMENTS FOR GIVING ESM A BANKING LICENSE
ECB’S NOWOTNY COMMENTS IN INTERVIEW WITH BLOOMBERG
NOWOTNY SAYS EURO-AREA ECONOMIC DIVERGENCES ARE INCREASING
NOWOTNY SAYS INFLATION WILL SLOW, ECB DOESN’T SEE DEFLATION
NOWOTNY URGES AGAINST RUSHING ECB BANK SUPERVISORY ROLE
NOWOTNY: ECB NOT TALKING ABOUT NEGATIVE DEPOSIT RATE FOR NOW
NOWOTNY SAYS ESM GAINING BANKING LICENSE IS ONGOING DISCUSSION
NOWOTNY NOT AWARE OF `SPECIFIC DISCUSSIONS’ WITHIN ECB ON ESM

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