Europe's bold vision hits trouble

Luke Baker and Paul Carrel, Reuters/CNBC, 18.10.2013

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Barely a year after European leaders set out an ambitious vision for the euro zone's future, progress has all but stalled and pressure is building for what may amount to a 'make or break' moment for the union. […]

Even the timetable envisaged for banking union has slipped and its scope is being gradually scaled back. The complacency that Barroso, Van Rompuy and others have repeatedly warned of appears to have taken root.

Some see that as unsurprising given that the pressure is no longer on in the same way that it was during 2011 and 2012.

"It was extremely important that they laid out their vision because it created a sense that they were ready to make progress," said Janis Emmanouilidis, a senior analyst at the European Policy Centre, a Brussels think tank.

"But many people would say banking union is enough to handle the situation for now. As for the steps that come after, I don't see the momentum towards that right now." […]

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