Wolfgang Schäuble

♦ Ben Bernanke and the markets appear to be friends again, which might make tapering easier.
♦ George Bizos, Nelson Mandela’s lawyer, recalls the good times they shared.
♦ Chris Giles argues that, “After almost a century of gradual social progress and narrowing of wealth and opportunity gaps, Britain is slowly recreating a rentier society, where a family’s property ownership matters more than anything else.
♦ Wolfgang Schäuble wants to leave a legacy in Europe, but his boss, Angela Merkel, is proving to be one of the obstacles between him and EU reform.
♦ Nasser al-Awlaki, a former minister of agriculture and fisheries in Yemen, is petitioning the US government to explain why they killed his grandson, a US citizen.
♦ Amy Davidson ponders what Trayvon Martin could have done to avoid getting into an altercation with George Zimmerman: “There is an echo, in what people say Martin should and shouldn’t have done, of what people say to women when bad things happen to them in dark places.”
♦ Mohamed Morsi hasn’t been seen since he was taken into custody – when do international circles start considering him a political prisoner?
♦ Bassem Youssef takes on the recent coup in Egypt: “Humanity has now become an isolated island among wild waves of discrimination and extremism.” 

Esther Bintliff

José Manuel Barroso (R), who is set to unveil plans for a "banking union" on September 12, shown here in talks with German Chancellor Angela Merkel in June.

In times of crisis, a fast-forward button can be pressed on decisions that would usually take years of discussion and planning. So it is with the creation of a European ‘banking union’, which analysts at the Bruegel thinktank describe as an endeavour “in some respects no less ambitious and complex than the creation of monetary union itself”. The aim is to brace eurozone banks against future shocks by bringing them under a common regulatory and supervisory structure, introducing common deposit insurance and a shared system for crisis resolution. In June, José Manuel Barroso, president of the European Commission, told the FT he’d like to enact a banking union as soon as 2013. But is that really feasible? And what hurdles stand in the way?