Brussels summit 'will not resolve euro crisis'

Written by Simon Tilford, 09 December 2011

Simon Tilford, from the CER agreed, "This week's summit will do little to solve the fundamentals of this crisis."... Mr Tilford told Channel 4 News the summit should have agreed a fully-fledged fiscal union. Instead, all it had done was tinker. "This is little different from what the eurozone already had: the stability and growth pact. All it does is require states to keep their budget deficits under 3 per cent. That is not a fiscal union, which would mean a federal budget and revenue-raising powers," he said. ... Mr Tilford said there were "formidable obstacles" to beefing up the ECB, but in the short term it could do more.

Link to press quote:
http://www.channel4.com/news/brussels-summit-will-not-resolve-euro-crisis