The German chancellor is on the wires, saying that she backs the idea of a European Monetary Fund but many question still need to be cleared up. The EU needs to be able to solve its own problems.
At the moment, no emergency action on Greece is required but she does not rule out it may be necessary in the future.
On CDS, she says while they can’t be banned outright, the EU must act to make them more transparent. She also says she wants international harmonization if CDS regulation.
EUR/USD has steadied around 1.3650 after a quick slide to 1.3630.
