It depends on whom you’re asking the question it seems !
Europe’s Latest Treaty No Cause For Celebration – Forbes
Leaders of 25 of the 27 European Union countries have signed a new Treaty on Stability, Coordination and Governance. The United Kingdom and the Czech Republic did not sign.
The treaty is designed to put an end to the three-year old debt crisis by imposing a “Golden rule” on public deficits: the structural deficit of EU members cannot exceed 0.5% of GDP, or they will face sanctions by the European Court of Justice.
Should investors uncork the Champagne bottle and rush into European equities, tracked by the Vanguard European Stock ETF (VGK) or European banks, tracked by iShares Europe Financials (EUFN), or European bonds, tracked by the WisdomTree Euro Debt Fund (EU)? How about the IEV or shares of Deutsche Bank.
No. The treaty presents several limitations that suggest it will do little to solve the crisis…
Nations sign up to EU growth plan – World news, News – Belfasttelegraph.co.uk
Prime Minister David Cameron has hailed a UK-led “unprecedented alliance” of EU nations as the driving force behind recovery in the wake of the economic crisis.
After the first EU summit for two years to focus on growth rather than gloom, he said a dozen nations were now steering an agenda for swift action to restore jobs and prosperity, adding: “Today in Brussels we have made our voice heard. The (summit) communique has been fundamentally rewritten in line with our demands.”
On Thursday he complained that those demands – firm timetables for action on open markets, trade and slashing red tape hampering business competitivity – were being ignored in favour of vague pledges on “fiscal consolidation”, a broader tax base, and a 2020 target for boosting employment to 75% of the available European workforce…