Nataly Kambur
The EU summit in Brussels is underway. The leaders of 27 European countries are discussing the possibility of creating a banking union. Germany and France have different points of view in the issue. They cannot agree on how to exercise control over European national budgets.
In advance of the summit, Francois Hollande, President of France, insisted on introducing new banking regulation as soon as possible, thereby putting all other issues aside.
At the same time, Angela Merkel, Chancellor of Germany, assumes that quality is more important than speed. She says there won’t be any major decisions made on the issue during the summit. So, the plan is expected to be ready in December. She is convinced that first of all, it is necessary to define the direction in which European leaders will be moving, which requires time and effort.
Mrs. Merkel suggests allowing the Euro Commission to veto those European budgets that violate the Stability and Growth Pact.
As a result, European leaders seem to have agreed on gradual step-by-step creation of a banking union in 2013.
Forex.
The current summit is definitely a major driver in the currency market. The chart below, courtesy of , reflects the current state of affairs in the market of EURUSD.
Alex von Stachelkopf, аналитик отдела "Форекс, курс евро", трейдер кафедры СРП Академии трейдинга Masterforex-V
Nataly Kambur
