- EU, Juncker: “17-plus countries entitled to use EU institutions”
Market news
9 December 2011
EU, Juncker: “17-plus countries entitled to use EU institutions”
- don't see UK suing to prevent use of EU institutions
- markets will better understand summit result by next week
- if markets rational, will react properly to summit outcome
- Britain has made bad mid-term choice, isolating itself
- no reason why greece could/should be expelled from emu
- decision to cut unanimity from esm framework important
- reassuring that esm needs super-majority in emergencies
- markets wanted flexible, efficient ESM that's now the case
- firewall now more robust than might have been expected
- Greece, Italy, Ireland taken strong convergence/consolidation steps
- Ireland doing really well, proving success of program
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