Wall Street Journal
March 10, 2011
European leaders will meet in Brussels on Friday to debate a grand-sounding package to resolve the euro zone's debt crisis. But investors and analysts fear the deal will underwhelm, owing to political differences that have forced Europe to scale down the measures' ambition.
Europe has so far adopted "a series of band-aid solutions" said Brian Yelvington, senior macro strategist at Knight Capital in New York. "I don't think this Friday is likely to be any different."
The package, due to be presented and approved at another summit on March 24-25, is expected to include a new set of rules for the euro zone on budget discipline, a strengthening of Europe's temporary bailout mechanism for indebted euro members, details on a permanent rescue fund and pledges to improve the competitiveness of national economies.
Euro-zone leaders will also debate this week whether to make the terms of rescue loans to Ireland and Greece less punitive. No final decisions are expected before the summit later this month.
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