EU leaders agreed on the first day of the Brussels summit to amend the central Treaty for establishing a permanent crisis mechanism. Member countries also pledge to ‘stand ready to do whatever is required to ensure the stability of the Eurozone as a whole’. However, they failed to agree on concrete measures such as expanding the size of the region’s bailout fund (worth 750B euro) or introducing joint bonds to ease borrowing costs of countries in trouble. The euro rebounded but gains were pared as Moody’s downgraded Ireland’s credit rating by 5 notches. Commodities changed little but downside risks remained in the near-term.
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Commodities Fail to be Boosted by EU Agreement
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