The ECB seeks to have the power to ... prevent temporarily withdraw money from bank accounts

The European Central Bank tightens the noose on bank accountsargentinatoday.org View original September 6th, 2017the European Central Bank (ECB), arguably the most powerful institution and the least responsible of the European Union, seems to need more power, according Daniele Nouy, Chair ofsupervisory Board of the ECB. 

The principal of the new powers sought is to prevent people temporarily withdraw their money from their bank accounts that are endangered, including through electronic fund transfers.

"In my opinion ... the introduction of a moratorium to appropriate authorities have to react with the necessary flexibility, if the situation of a bank deteriorates rapidly is necessary , " said Nouy a member of the European Parliament in a letter. 

"Given the rapid evolution of potential liquidity crisis, a tool moratorium may be necessary to ensure that there is enough to ensure a credible solution time," Nouy said, adding that the ECB will soon publish an opinion on this subject.

The recent collapse of the Bank of Spain and rescue Banca Monte dei Paschi di Siena, Italy, gave further impetus to this new regulatory momentum that has been silent for a while.

Late last year, the European Commission, the same entity that wants to impose limitsincreasingly draconian use of cash in Europe, proposed giving banking supervisors the power to suspend some of withdrawals of deposits and payment obligations in exceptional circumstances.

But that was not enough to placate the senior European central bankers. While the Commission proposal would exclude the lower deposits to 100,000 euros, which for all purposes are insured by their national governments, the Board of Unique Solution has warned that significant amounts of cash could leave the bank if the moratorium was "too narrow".

Therefore, if the new proposal is approved and given that in its adoption will mean very little democratic process, that is more or less garantizado- payments to insured depositors could be suspended for five working days, according to a recently revised proposal by Reuters .
Freezing could even extend up to 20 days in "exceptional circumstances".

The ECB knows that more banks will collapse, so they are taking preventive measures now to ensure that the next time a major bank starts to oscillate, can descend and freeze deposits of its customers, insured or not. 

Hundreds of millions of European citizens unaware of the matter, the ECB is quietly tightening a noose around his savings.

Source: DON QUIJONES, WOLF STREET

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