Daily Forex Brief | Europe and the impossible dream

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Daily Forex Brief London: Thursday 20th October 2011
Europe and the impossible dream Expectation levels have certainly been raised by last weekend's declaration at the G20 meeting that Europe needs to present a comprehensive plan for resolving its sovereign debt and banking crisis at this weekend's EU Summit. Since that time, Germany has attempted to water down the "dreams" that many appear to harbour of what can realistically be achieved by Sunday. In contrast, French President Sarkozy emphasised yesterday that "an unprecedented financial crisis will lead us to take important, very important decisions in coming days". As so often happens when weighty matters are being debated by the current German and French leaders, Angela is again playing for time while Nicolas is essentially saying that there is no time. Raising the stakes, Sarkozy claimed that the destruction of the euro risked the destruction of Europe. The French President is absolutely right ? it is five minutes to midnight for Europe and still the German Chancellor says she wants to think about it. Can Sarkozy convince Merkel to save Europe? Because if he cannot, then France could sink as well.
Also in today's Daily Forex Brief: SNB might move the goalposts BoE digs its heels in Read more...
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