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Graham Bishop's Blog: 7AM thoughts on the eurozone agreement: Leaders have gone a long way but full details awaited

Technical details will be revealed at a session at 13.00 by the Commission. A more detailed judgement can be made after that.

Key points include:

  • The EFSF functions are widened dramatically - but no word about an increase in the size. However, there may be a facility to increase it easily.
  • Its lending rates are now made sensible, instead of usurious.
  • Economic governance: This is the pivotal issue as it is designed to ensure that such events cannot happen again. The "six-pack" of legislation may now finally be agreed with the European Parliament - on the Parliament's terms. That would be the historic final element in creating a political union of the eurozone. President Sarkozy has said the governance issues will be resolved over the summer. Is this what he means - or is there a new proposal to come from France and Germany? (See my book for a full analysis of this subject Graham's Book"The EU Fiscal Crisis: Forcing Eurozone Political Union in 2011?".)      

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