Monday 18 December 2017

Euro: wait for it

• The outpouring of joy, relief and triumphalism emanating from the Government arising from the latest meeting of EU heads of state may be somewhat premature.

A cursory glance at the eurozone summit statement shows that "the possibility of direct aid to banks in the euro area" is completely dependent on the establishment of a eurozone banking authority and a memorandum of understanding being signed to cover all the usual conditions for the granting of such assistance.

The special mention of Ireland being examined "with a view to further improving the sustainability of the well-performing adjustment programme" is somewhat diluted by the statement that "similar cases will be treated equally".

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