EU Morning Report - The EU summit, round 2

The euro (EUR) is weakening against most of its major counterparts, as reports concerning the EU summit meetings start coming out. The eurozone heads of state, also meeting today, have agreed on a banking union and advanced integration, however there are new information of disagreement over a request from Germany to permit individual countries budgets to be turned down. Thus, a supervisory authority for banks appears very likely to be implemented within the next year. No discussion was made and decisions were not taken on the Spanish bailout plan. Apparently there is conformity among thEuropean leaders that Spain’s domestic issues should take precedence for now.