As expected last night’s eurogroup meeting of eurozone finance Ministers didn’t deliver a whole lot in public. It wasn’t expected to. All the statement really shows is the timetable to implement some of the decisions taken at the EU summit on June 29th.
In the context of EU decision-making the proposed timetable for an ECB-centred eurozone banking supervisory structure is lightning fast. It remains to be seen what can be delivered by the proposed end-2012 deadline.
Here are some five-year government bond yields as calculated by Bloomberg (as of 10:45)
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