No basis to include central banking

What use Eurozone integration?

Tony Yates starts by describing the benefits of fiscal uniobn in Europe.  I know this guy is going to include central banking, for which it is proven that no sound theory exists.  What does central banking get you?

The ‘banking union’ could be replicated by a list of promises to supervise and promises to pay out/bail out/resolve wherever financial trouble emerges.  But, once that happens, the similarity of interests dissolve.

Well, folks who believe the horsehit from MIT, banking theory requires free entry and exit, else is cannot compute accurate odds and you will have periodic recessions.   There is no central banking theory, no rule that makes sense under the current arrangement,  That is why Bernanke keeps harping on discretion, he has to make shit up.  And that is why I can catch the bonehead central bankers every time, I have the theory, they do not.