According to the American edition, the leaders of the eurozone need to make its widely advertised recovery fund a reality to restore the state of their “shabby currency”.
The recovery of the Euro currency position was jeopardized after Austria, Denmark, Sweden and the Netherlands opposed the joint proposal of France and Germany to create a fund of 500 billion euros (548 billion dollars). The four countries are ready to give money to the fund, but only in the form of loans, not grants.
“The euro’s path to recovery is likely to be bumpy as markets are sceptical of the commission’s ability to develop a plan that is acceptable to all member states”, – said Gaetan Peru, a strategist at UBS Global Wealth Management. “Continued signs of global and European recovery should eventually reach a euro-dollar ratio above 1.10.
According to the publication, the Foundation’s proposals contain several key elements that could theoretically help the weakest economies in Europe. Which of them will be included in the final plan will become clear this week, when the negotiations officially begin and the European Commission publishes its own proposal.