He also says the eurogroup would, in theory, be able to keep the euro stable. These comments are interesting given whispers of ECB buying of EUR/USD in the mid-1.20s and the inability of EUR/USD to overcome the 1.3750 level (could the ECB be letting a few go? )

On the other side of the fiscal divide is Spanish FinMin Solbes who calls for governments to impliment fiscal stimulus to avoid a global depression. He sees gradual global recovery in 2010.

EUR/USD is consolidating losses in the 1.3560s after losing its overnight bid.