EU Leaders Aim to Lift Doubts on Euro

Gabriele Steinhauser and Stephen Fidler, Wall Street Journal, 27.06.2012

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European leaders embark on talks here Thursday over steps they hope will begin to lift doubts about the survival of the euro, amid heavy skepticism in financial markets they can achieve a breakthrough to stem the debt and banking crises. […]

However, Messrs. Hollande— whom Ms. Merkel spoke with in a bilateral meeting Wednesday night—Rajoy and Monti clearly want a more wide-ranging discussion that Ms. Merkel will have to counter personally.

"The danger is that the Germans at some point get into a corner and say 'no' and they [the leaders] don't come out with a compromise," says Janis Emmanouilidis, senior policy analyst at the European Policy Center in Brussels. For this summit, however, he still expects leaders to avoid a direct clash and agree on some steps to address the crisis.

"There are signs from the top level of the German government—the chancellery and the finance ministry—that they are ready to go into the direction of some levels of banking union," namely limited funding for winding down failing banks in return for transferring oversight to a powerful supervisor, Mr. Emmanouilidis said. But he added that joint European guarantees for bank deposits, which many analysts say are necessary to restore confidence in debt-ridden countries, are probably a long way off.

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