This weekend EU leaders agreed that EU summits will be acting as some kind of Europe’s single economic authority. Its main goal is to instantly react to any economic or financial changes in the eurozone.
A speaker will be in charge of the new authority. He/she will be elected by EU leaders every 2 years. Herman Van Rompuy will be acting as the speaker until the 1st election.
The creation of the new economic authority is explained by the fact that EU finance ministers are not powerful enough to resolve burning economic and financial issues on time. The idea will probably need some changes in the Lisbon treaty.
The latest EU summit managed to reassure financial markets by positive results (50% writedown of Greece’s debt and the expansion of the EFSF).
According to the Department of Market Sentiment Analysis, , 6E futures is currently showing positive dynamics. It has reached the level 1.4200.
