Typical EU nonsense. Every country needs its own approach to cleaning up the toxic debt mess. Looks like one size fits all only applies to monetary policy.
EU economics czar Almunia says the finance ministers agreed on the need for flexibility on toxic assets treatment as each countries cases differ. We need common guidelines, however. He expects the guidelines to be ready in a couple of weeks.
Until the EU starts acting like a federal state with common rules, the EUR will be at a disadvantage relative to its peers, especially at a time when speed is of the essence.
