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Exact(4)
That requires an unequivocal, if limited, sharing of liabilities.
Instead, the euro zone would have to start moving towards greater pooling of sovereignty and sharing of liabilities.Six months on, the European summit (December 13th-14th) that was supposed to decide how to move towards a greater degree of fiscal federalism has just ended with a demonstration of how far European leaders have retreated from such notions.
Fiscal rules have been toughened, but creditor countries have resisted any sharing of liabilities.
In contrast, Ms. Merkel insists that there must be greater central control of national budgetary and economic policies to ensure they respect E.U. rules before any sharing of liabilities.
Similar(55)
Scotland would accept a share of liabilities, he says.
I want to see an independent Scotland take on a fair share of liabilities.
The UK government, in the wake of a yes vote, will want Scotland to take its fair share of liabilities.
Mr. Obama also is seeking to limit consolidation in the financial sector, by placing curbs on the market share of liabilities at the largest firms.
If they say we [the rest of the UK] are the continuing state, we take all of the assets of the UK – remember the pound is a shared asset – then it flows from that that Scotland couldn't then be expected to take a share of liabilities.
A related aim has been to fix the cracks in the single market for financial services: a firm in, say, northern Italy must now pay higher borrowing costs than a similar one across the border in Austria.At its heart, banking union requires Germany and other creditor countries to make a mental leap by sharing the liabilities of the banks of others.
The joint operating agreement among the three companies states that their share of liability corresponds to the level of ownership.
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