independent

Monday 14 October 2013

DRAGHI'S D-DAY: The president of the ECB – which will, for the first time, be involved in the next set of bank stress tests – said this week that he expected a bank resolution regime to be agreed before the European Parliament was dissolved in March for elections next May

Banking reform must be high on ECB agenda 

Ireland's ability to survive without EU and IMF bailout loans, no longer available from January next, will be determined by the Government's willingness to keep the budget deficit falling. It will also be affected greatly by the stress tests on the banks to be undertaken in tandem with the European Central Bank (ECB) over the winter. If it needs further capital, the State is in no position to provide it and it is not alone.

 

US beyond ken of Founding Fathers 

THERE was an amusing moment on Thursday when a hapless BBC newsreader told viewers that General Ray Odierno, Chief of Staff of the US Army, had said "that they needed to resolve this budget shit shutdown as soon as possible". It was, of course, a slip of the newsreader's tongue, but he was speaking for millions who are wondering if the stand-off between the Obama administration and the House of Representatives is liable to play merry hell with the global economy.

 
SHADOW TAOISEACH: They seek him here, they seek him there . . . Photo: Mark Condren

Invisibility is the new transparency as far as our AWOL leader is concerned 

Aengus Fanning was fond of asking what was the one thing a leader needed. He would then answer the question himself. Followers. A leader also needs to be present. Anyone who has been on a team, or worked in an organisation, or lived in a country where the leaders scuttle around avoiding everyone and speak through diktats or only in set-pieces, knows that the absence of leadership is felt much more acutely than its presence. When the leader is there, you are buoyed along by him; he is part of life; he is in it with you, cajoling and encouraging and occasionally ordering. We almost take it for granted. Our natural state is to be led.

 

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