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EU Summit Failure Risks Credit Downgrades in Europe
While the Euro and risk correlated assets have come back under pressure in early Monday trade, we are actually a little surprised to see that the setbacks have been rather mild considering the EU Summit results. An article in the Financial Times summarizes the Summit’s failed efforts rather well, highlighting the following key points: 1. “The decision to set up a fiscal union outside the European treaties will do nothing whatsoever to resolve the Eurozone crisis.” 2. ‘If you want a fiscal union, nothing less than a full treaty change will do.” 3. “A fiscal union set up outside the European treaty would ... (full story)
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