Positive start for markets

EUROPEAN stock markets made a positive start to the week on the back of the continent’s super-powers ramping up attempts to end the eurozone debt crisis and save the future of the single currency.

Yesterday’s meeting between German chancellor Angela Merkel and French president Nicolas Sarkozy focused on a possible rewrite of the EU Treaty, in a bid to tighten economic co-operation between members. Also discussed was a faster-than-expected triggering of a permanent rescue fund, to next year.

Although some commentators suggested that convincing the rest of the eurozone on the merits of a closer union could still prove easier said than done, yesterday’s meeting, along with news of Italy’s new government announcing fresh proposals to cut the country’s debt levels, eased investor fears, with all leading European bourses showing decent gains.