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EU summit opens in Brussels
Written by: PaxForex analytics dept - Friday, 27 June 2014 0 comments
Today, June 28, in Brussels opens the EU summit, which many analysts consider as crucial for resolving the debt crisis in the euro zone.
It is expected that at the summit in Brussels, the main debate will unfold around the actions of the banking and fiscal integration, particularly the issue of public debt obligations of the euro zone - the so-called Eurobonds. Germany, Europe's largest economy is still strongly voiced against the issue of Eurobonds.
June 26, during a meeting with deputies of the Bundestag from the Free Democratic Party, German Chancellor Angela Merkel said that while she is alive, "a common responsibility for the debts will not happen."
The essence of the proposal to issue common bonds of the euro area is to be exchanged for part of their public obligations of countries experiencing problems servicing their debt.
Before the summit, the leaders of France and Germany – Angela Merkel and Francois Hollande - held talks in Paris. Merkel warned that there is no "magic formula" for the current crisis, but she hopes for approval by EU leaders of new spending aimed at stimulating economic growth.
Minister of Italy Mario Monti said on Tuesday he is not prepared to conclude the summit just by endorsing a general declaration and intends to take a real action. If Monty will return from a meeting without real results, then his Government may be doomed, warns analysts.
The summit will begin a little earlier than usual - at 15:00 local time. As explained in the EU Council, this is due to the exceptional complexity of the issues to be discussed at the European Council.