A German government source sought to dampen expectations of progress at a two-day European Union summit due to start later on Thursday, saying it would take time to enact reforms aimed at ending the bloc's sovereign debt crisis. "The question of progress towards a fiscal union cannot be resolved in one day," the source said, speaking on condition of anonymity. Commenting on the sharp increase in the cost of borrowing for Italy and Spain, the source said: "We would warn against exaggerated panic-mongering." Germany believes the EU already has the necessary instruments, in the shape of its two bailout funds, to ... (full story)