Germany has been outflanked twice in a day, both by Italy and once on the football pitch. This EU summit was in danger of getting away without anything of substance being produced. However, with global capital markets watching on, and investors tired of the can being kicked down the road, something of worth had to finally be produced and now we have it. Euro-zone leaders has agreed, early this morning, to take action to bring down the spiraling out of control borrowing costs of Spain and Italy and have promised to take those first important steps towards a European banking Union by creating a single supervisory body ... (full story)