Ze Germans are telling us what’s what ahead of the EU summit in Milan tomorrow. A german official says that the summit is to discuss jobs and not growth (heaven forbid that they talk about more than one thing eh?). He/she’s none too keen on the prospects of those discussions anyway saying it’s not expected that the EU will go above the €6bn already put aside to help unemployment.
He/she does see some daylight for Greece and signs of lower Greek unemployment are being seen (We’ll find out on the 9th when Greek unemployment data is out).
The official also says that it’s important for Italy to undertake labour reforms but sees no conflict with Italy over policy.
No doubt we’ll be hearing loads of guff coming out of the summit tomorrow with many bigwigs talking a good game but delivering Sweet Fanny Adams