"EU leaders made progress on their summit on Friday but their aversion to an "immediate comprehensive solution" is going to kill the European economy, Fitch Ratings opines in a new report out today.
Eventually, EU leaders are still going have to give in and expand the role of the European Central Bank, write the report's authors:
Read the full note below:..."
at http://www.businessinsider.com/fitch-eu-summit-evaluation-2011-12?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+clusterstock+%28ClusterStock%29#ixzz1gLfSrtYz
Eventually, EU leaders are still going have to give in and expand the role of the European Central Bank, write the report's authors:
We still believe the ECB, either directly through its sovereign bond purchase programme or indirectly by allowing the EFSF/ESM to access its balance sheet, is the only truly credible "firewall" against liquidity and even solvency crises in Europe.
Lack of such an effective solution will depress growth in the eurozone to 0.4% in 2012 and 1.2% in 2013.Read the full note below:..."
at http://www.businessinsider.com/fitch-eu-summit-evaluation-2011-12?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+clusterstock+%28ClusterStock%29#ixzz1gLfSrtYz
