Germany's Merkel Pushes More Euro-Integration
The three issues of most concern to traders (short-term) are: bank recapitalization, Greece and how the EFSFmoney will be spent.
Traders are expecting movement on all three fronts this weekend at the EU Summit meeting.
German Chancellor Angela Merkel, speaking to German parliamentarians from her Christian Democratic Union party, addressed all three this morning, according to party officials.
1) on bank recapitalization: "to be discussed"
2) On Greece: a permanent Troika* for Greece "conceivable" and she expects an agreement on sending deficit-busting countries to the European Court.
3) EFSF: leveraging using the European Central Bank (ECB) has been ruled out.
I'm rather surprised to hear this last comment, and await further clarification.
*(Troika: the International Monetary Fund, the European Central Bank and the European Union.)
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