The euro fell against a stronger dollar as eurozone leaders headed into a summit meeting on Thursday. The common currency was trading at $1.3078 on Wednesday morning despite positive consumer sentiment data in Germany.
German consumer sentiment rose to its highest level in nearly six years in June, and estimates show it will continue to rise in July. The rise in morale was attributed to wage increases and an improving labor market. The data is another indicator that the eurozone could be getting back on track after struggling through the first half of 2013.
However, optimism over economic indicators has yet to change the plummeting support from Europeans who have become disillusioned with the union. As eurozone leaders attempt to agree on framework for a more unified banking system and centralized policies, eurozone voters are becoming less accepting of more EU interference. The result has been leaders who are unwilling to agree on new more unified structures.
Although most surveys show that the only country with legitimate public support for leaving the EU is Britain, the wavering support for further integration is presenting a problem for leaders trying to create more centralized policy making.
According to the Wall Street Journal, EU leaders are expected to discuss the unified banking system that was promised last year as well as the region's sky high unemployment at a two day summit beginning on Thursday. Despite good intentions, most are expecting the meeting to make little progress on the issues at hand due to dwindling political will and a lack of money.
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