Early morning “agreement”

I found this piece from Munchau to be the best take on the “14th summit”:

The day may yet come when the eurozone finally agrees a comprehensive package to end the crisis, but this was not the day. What policymakers agreed at 4am Brussels time on Thursday came close to what they set out to do. They secured a “voluntary” deal with the banks, and they agreed the outer perimeters of a system to leverage the European financial stability facility. But none of this is going to end the crisis.

And from the Summit´s Statement, we learn that the ECB, which would have to be the main “actor”, is going to stand on the sidelines, focused on  keeping inflation on “target”:

Further action is needed to restore confidence. That is why today we agree on a comprehensive set of additional measures reflecting our strong determination to do whatever is required to overcome the present difficulties and take the necessary steps for the completion of our economic and monetary union. We fully support the ECB in its action to maintain price stability in the euro area.

 

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