Last Friday’s surprise decision from the EU leader’s summit to change the way ESM will function has had a positive impact on markets so far. It is hard to tell, if it will turn out to be a defining moment in the fortune of the Euro currency and for the sustainability of the Eurozone as a whole. Over the past number of months markets have focused almost exclusively on the Eurozone. Many world leaders have put out the assertion that the weak global economy is purely a function of the Eurozone crisis. As the Eurozone now gets down to the hard work of implementing the deal it will be interesting to see what excuses other countries have to explain their weaknesses.
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