Time to take action on euro
THE immediate focus of the Government will be to get a deal on the bank debt over a series of EU meetings and summits during September and October. Whether it is successful or not will be shaped by factors that will determine whether the single currency has a future. A break-up will have huge implications for this country, but it is far from certain whether the political will exists to take the steps needed to keep the euro together.
Tensions have eased across the eurozone over the past number of weeks on the back of comments made by ECB president Mario Draghi that he “would do whatever it takes to save the euro”. So far the markets have taken him at his word. But there is only so much the ECB can do.
