Big four summit evades sensitive issues

The heads of state and government of the four major euro states Germany, France, Italy and Spain convened in Rome on Friday for a crisis meeting. But they failed to tackle the burning issues in their talks, the leftist daily taz criticises: "The [financial markets] won't be swayed by either the growth programme, the transaction tax or any envisaged steps towards greater integration. For them the only thing that counts is how the governments of the Eurozone react if in the next few days once again Spanish - followed by Italian - bonds come under mounting pressure. This is the question where the arduous show of unity at the four-way summit ended. … Euro bonds, euro bills, the role of the ECB: all these highly charged terms were left unmentioned and the major questions unanswered. Instead the Europeans can rejoice that perhaps very soon a banking union will be formed, followed by the fiscal union in another couple of years and political union. But will there still be a euro by then?"

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