• Stronger euro needs strong economic ties
  • One big-bang won’t solve euro debt crisis
  • In a new phase of work on euro area
  • Stability pact must be adhered to
  • Convinced market confidence will return

EUR/USD’s rally stalled just shy of yesterday’s highs in the mid-1.4470s before receding. The market is apparently unimpressed with the idea of a transaction tax. We’re now at 1.4425.