Main flaw of the eurozone: fragmented fiscal policy with centralized monetary policy. If you're going to merge the economies of a hyper-productive society and a lazy corrupt society, centralized government collection/spending needs to be in effect.
German Finance Minister Wolfgang Schäuble was "conscious" in a Brussels hospital on Sunday after suffering an allergic reaction during crisis talks to protect the eurozone, his spokesman said. "He is doing well under the circumstances," said Michael Offer, adding that Schäuble was "conscious" and "understands what is being said to him" after taking new medication for the first time, according to his ministry. Schäuble was replaced at the emergency euro talks by Interior Minister Thomas de Maiziere, who travelled to Brussels at short notice. A key member of Chancellor Angela Merkel's cabinet, Schäuble has suffered ill health for the past several months, with a wound from an operation failing to heal properly. His hospitalisation came shortly before Merkel's Christian Democrats suffered a harsh defeat in a key state election in North Rhine-Westphalia. The loss cost the centre-right coalition in Berlin its majority in the upper house amid voter anger over the bailout for debt-stricken Greece. http://www.thelocal.de/politics/20100509-27083.html Confirmed without Germany at the roundtable ?
A weak euro is great for europe.If the euro goes to 100 that makes there exports boom. look what good a weak $ did for usa. I can't understand why they want to strengthen there currency.
Schauble is being replaced with Thomas de Maiziere (currently serving as the Federal Minister of the Interior) and Merkel is on constant stand by trough telephone apparently.
Still no concrete news from the wires, but something is obviously cooking. EURUSD traded high as 1.2870 on Oanda in early (thin) trading
I'm in Brussels and here are the biggest points media are bringing for now : Unlimitited borrowing capacity for the comission guaranteed by all member states (essential to avoid the 70 Billion limit if a guarantee were not te be implemented.) If countries want to aply they have to agree to install IMF like austerity Reinstalling credit facilities for 12 months by the ECB The ECB buying PIGS bonds... Since it is essentially forbidden by the Maastricht treaty they will be purchased on the secundary market. Further news to follow...