European leaders failed to agree to change the EU’s treaties last night, causing a new inter-governmental treaty to be negotiated, but only among 23 member states.
Getting backing from all 27 countries however was a far fetched idea, especially with Britain’s stance.
Although an agreement has started, it is still unclear how these new fiscal rules will be enforced without the backing of all 27 member states.
Some short term efforts have been made to send some reassurance to the index spread trading markets, with 200 Billion euro’s in new EU Funding being sent to the IMF to help countries struggling to deal with the growing lack of liquidity in bond markets.
So it seems we find ourselves in a very familiar situation regarding the EU, one of uncertainty.
Everyone’s attention today will be on developments coming out of Brussels as leaders battle on towards an agreement.
Article by Spreadex.
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