By Cullen Roche: I’ve been very clear about my position on Europe for the last year. Further integration can work and European leaders should seek to move towards completing their flawed monetary union so as to rectify the trade imbalance at the root of this crisis. This position hasn’t been well received for many reasons, but it’s now looking increasingly popular. After last week’s turmoil and what appeared like increasing defection talk, European leaders are clearly working on some sort of plan that will lead to further integration which could pave the way for further ECB action and eventually a completion of the EMU in the form of E-bonds and ultimately a central treasury.
The latest reports come from several sources. Welt online is reporting that the Bundesbank is increasingly open to intervention:
The Bundesbank no longer rules out common European bonds – so-called Euro-bonds – but not immediately. The p
rerequisite, however, is
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