EU finance ministers gathered yesterday in Brussels for their monthly meeting under high surveillance from global as the steps outlined for debate where once again revolving the debt crisis and the means to contain the contagion.
Nonetheless, the ministers discarded the rising calls from ministers and central bankers nad opted to calm the market by a confident rhetoric and a ready to take action stance. The finance ministers discarded the options for providing immediate aid for Portugal and Spain, expanding the €750 billion aid fund, or introducing joint bond sales as they remain confident that the crisis is contained.
Seemingly ministers have found common ground and followed the lead of Germany and France, the hawk opposition to the requests. Yet the skirmish will continue evident in the market and the echo will still haunt the common currency.
The debt crisis and the growing contagion threats with Portugal and Spain under tight scrutiny continue to be the biggest pressure on the euro, and now with the shaky support system from the EU, the bailout to Ireland and the ECB expansion of emergency measures failed to much sustain the sentiment reversal.