ECB’s call for centralized banking control won’t work: Roger Nightingale

With rising concerns on the banking sector across the EU region, European Central Bank’s President Mario Draghi has called for 'a banking union’ with a Eurozone-fund for resolving failed banks, a deposit guarantee scheme, and more centralized banking sector supervision. Roger Nightingale, Chief Strategist at Agency Partners told NDTV that this scheme is not going to work. “The world economy is already headed in an absolute recession; the Eurozone does not have the capacity to bailout a big country is Spain,” he said.