Yesterday Jose Manuel Barroso and Olli Rehn introduced an anti-crisis plan for the eurozone. These are the main 3 theses:
· To toughen the economic and financial discipline
· To intensify the control over national governments, including the right to participate in the forming of national budgets
· To unite and unify financial responsibility through the introduction of euro bonds.
According to Jose Manuel Barroso, even though the ideas are not new, the eurozone doesn’t necessarily need new ideas to find enough strength and political will to implement the necessary economic measures. This is a matter of survival.
The debt-ridden eurozone countries support the Euro Commission’s ideas. As for Germany, the eurozone’s economic number 1, the German authorities are against spreading the responsibility for the eurozone crisis and paying for somebody else’s mistakes.
However, Mr. Barroso says there is some progress in the talks with Germany and by now no eurozone country is directly opposing the idea of introducing euro bonds.
In the meantime, EURUSD keeps forming the downward wave C H1.According to the SRP Sub-department under the Department of Masterforex-V Trading System , if there are no signs confirming the completion of the wave, EURUSD will probably head for 1.3201 and 1.3152.
To define the vector of the forthcoming movement we apply the SRP elements and other binary patterns by MF.
