Berlin not in a hurry on euro crisis

Despite the immediate help for Spain's banks the yield on Spanish bonds reached a critical level at over seven percent on Monday. On the same day Germany benefited from negative interest rates on its own government bonds. Obviously the crisis is not hurting everyone, and this is why the meeting's basic agenda has been postponed, the liberal-conservative Il Sole 24 Ore concludes: "In the week that passed between the EU summit in Brussels and yesterday's meeting of the Euro Group, the markets have once again gone on the offensive. This is because the impact of the positive and encouraging signals the heads of government gave on the subjects of a banking union, recapitalisation of the banks, ECB, bank supervision and bailout funds was immediately cancelled out by the objections from Finland, the Netherlands and Germany. The current accumulation of summits is also having a negative effect. Instead of putting the resolutions taken by the heads of government into concrete terms, the Euro Group has convened yet another summit for July 20 and there is even talk of another EU summit on the 25th. The growing indecision is fuelling doubts that the EU will manage to jointly overcome the crisis."

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