So Peter Morici, here:
“The real problem is the European Central Bank doesn’t have the tools it needs to guarantee the solvency of these (European) banks,” Peter Morici, Professor at University of Maryland’s Robert H. Smith School of Business, told CNBC Asia's "Squawk Box".
“The Federal Reserve put two trillion dollars into banks. The European Central Bank has to, in a crisis, be empowered to do that by some sort of emergency consensus and take up the role of the Federal Reserve’s place in the United States. It simply does not have these powers right now,” Morici said.
