In the News (from The Guardian): “European governments clinched a landmark deal on bank supervision and approved long-delayed aid to Greece on Thursday, trumpeting the agreements as signs the bloc is getting a grip on its problems after three years of deep crisis.
“European Council President Herman Van Rompuy told the leaders as he opened the summit. ‘The worst is now behind us but of course much still needs to be done.’ …
“ECB President Mario Draghi hailed the deal on banking supervision, the first stage towards a banking union with more pooled sovereignty, as an important step towards a stable economic and monetary union.
“Still, creating a full banking union, with powers to wind down failed banks and guarantee deposits across the eurozone, is likely to take several years. And it forms just part of the bloc’s masterplan to bolster the architecture of the euro zone and prevent a repeat of the crisis that has threatened to tear the single currency project apart. …
“European officials acknowledge privately that bolder steps towards closer integration of the single currency area will be on hold until after a German general election next September.”
My Comment: Now, the main thing is to play for time because there is no solution, and time itself will work somehow. We need to understand leaders: They have nothing to manage, they need to play according to their positions, and the more desperate the situation is, the more assurance should be heard in the voice!