The documents now published concerning the planned Union Bank show not only that it is "the law more complicated than ever drafted in the EU", as described by the website euinsider.com, but also it gives unprecedented powers to a body of officials not restricted elected management of the private sector of the economy of nations, after which the public sector is already under the jurisdiction of the Troika, and make real reforms almost impossible. The bill also excludes any attempt by EU member states to move in the direction of a true separation to the Glass-Steagall banking. Build barriers between banking "create obstacles to the exercise of fundamental freedoms and distort competition in the internal market," reads the text of the intergovernmental treaty for a mechanism Resolution Act (SRM). [...] The Directive on bail-in procedures can be applied only if the SRM Treaty will be ratified by the national parliaments and the European Parliament. EU leaders hope to do it before the European elections of May, in the fear that a new parliament majority Eurosceptic makes the task impossible. So far, the national parliaments have ratified all the treaties the EU systematically selling off national sovereignty and betraying the constitution.
