Instead of tackling structural problems, much of the endless chatter about the common currency centers on financial engineering: rescue funds, backstopping banks, printing money and the like.
They are considering requiring firms to regularly report the whereabouts of customer money and creating an insurance fund to backstop losses in customer accounts.
The Senate Agriculture Committee has sought input from industry players on policy changes, including keeping customers better updated on the whereabouts of their money, more regular reporting to authorities and creating an insurance fund to backstop losses in customer accounts.
The commission is also circulating an internal list of more than 10 other ideas, including keeping customers updated on the whereabouts of their money and creating an insurance fund to backstop losses in customer accounts.
The week started with the European Union annoucing that it was creating a $1 trillion fund to backstop its member countries.
The E.U. stepped up in a big way over the weekend by announcing a $1 trillion fund to backstop its member countries.
Now, the government plans to use at least a portion of the funds to backstop lending by the Fed.
So would funds to backstop health insurance companies that have higher-than-expected expenses from sick customers.
That arguably helped to reduce overall losses to the insurance fund, whose ultimate backstop is the American taxpayer.
Renzi is credited with helping devise a solution, creating a backstop fund – known as Atlante – for the industry.
