EU Strikes 2 Major Deals, Stumbles On Unemployment
The ECB's oversight is due to be operational late next year, but progress on other fronts has been slow since some countries have started back-pedaling on last year's pledges. Investors no longer feared an imminent breakup of the currency zone following an ECB pledge to do whatever it takes to preserve the euro.
Thursday's agreement on rules for bank failures was a step toward establishing a joint bank resolution authority, but Germany and others seek to delay further progress on that issue and on a joint deposit insurance scheme. The EU summit showed complacency on the matter, making no progress, while pledging to discuss further steps in the fall.
Luxembourg's Prime Minister Jean-Claude Juncker acknowledged that it appears leaders "have bid farewell to the somewhat further reaching ideas." Leaving the EU summit, he added "I would have wished for a little more forward-looking dynamic, not a dynamic of stagnation."
___Follow Juergen Baetz on Twitter at http://www.twitter.com/jbaetz
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV