With President of the Council of Europe Rompuy released a report at the 26th, the parties in the market for the EU summit will be held on the 28th to the 29th of pessimism from spreading further.
 
The report entitled "Towards a real economic and monetary union, mainly put forward the idea of ??full integration in the euro area over the next 10 years. Among them, the establishment of the Bank Alliance, a fiscal union, and the issuance of euro-denominated debt, as a key to solve debt crisis in Europe and is expected to become the focus of discussion in the EU summit held on this weekend.
 
However, almost in the above report was released at the same time, the Liberal Democratic Party parliamentary group meeting, German Chancellor Angela Merkel again sternly rejected the euro bond, she even unprecedented tough tone, said, "As long as I live, to not implement the euro-denominated debt."
 
In doing so, Germany and France and other euro-zone countries revealed in the differences of the above recommendations the implementation of the "road map" has once again intensified concerns about the market is no solution to the debt crisis for Europe.
 
To press time last night, the market is waiting for Angela Merkel and French President Fran?ois Hollande, held a meeting to see Germany and France the two, whether in the last moments before the summit to bridge their differences.
 
EU summit issues released
 
Rompuy 26 report, be regarded as the key to the upcoming EU summit, the report gives the fundamental solution of the debt crisis in Europe - the euro area towards a fiscal union and political union, was identified in the EU summit discussion.
 
According to the above-mentioned report, the European Union within the next decade, the integration of the financial framework, budgetary framework of the integration, the integration of economic policy framework and the democratic legitimacy of decision-making process and the principle of liability as the four cornerstones to build a more powerful European Economic and Monetary Union.
 
Among them, the most attention is the integration of the financial framework and budgetary framework. The former consists of two core parts, that is a unified European banking regulatory system with a common deposit insurance and settlement framework. The latter is raised, the need to establish a set of effectively preventing and correcting the issue of sustainability of the fiscal policies of the Member States in the euro area within the mechanism. To this end, Member States should reach agreement on the budget deficit and public debt ceiling.
 
Clearer, according to the British Financial Times and Reuters reported that the report actually propose a specific implementation plan, including: the establishment of a powerful oversight body responsible for the supervision of the regional banks, as well as member states budget shall obtain prior approval from other members of the approval of the country.
 
The same time, the report is clear, according to the progress of financial integration in the medium term should be considered appropriate to introduce a common bond as part of a fiscal union.
Market participants view the above suggestions is the parties have been looking forward to solve the debt crisis in Europe "road map". These recommendations over the current system "a qualitative breakthrough". For example, in accordance with the present budget overruns countries will be affected by the sanctions, but the European Commission and other member states, do not interfere with the power of his country's budget in advance.
 
Merkel holdouts
 
However, although the European debt crisis solutions have been placed in the desk of the leaders of the countries in the euro zone, but the leaders agreed, may not be easy. At present, world leaders are in favor of the budget right in exchange for the entire euro zone the broad framework of risk-sharing, but obviously for the implementation of the step differences.
 
Eurozone's largest gold master - Germany insisted should financial integration to financial sharing. Recently repeatedly called on France and Italy and other countries should be sharing part of the risk to stabilize the market, and steady progress in financial integration, Merkel on the 26th in a meeting of his party's rare to put relentless.
Foreign media interview after the meeting, lawmakers said Merkel was accurate statements can not recall. Four senior members confirmed to the ruling coalition partner Liberal Democrats, Merkel said, "As long as she is alive," Europe will not be shared sovereign debt.
 
Merkel's statements alarming, because even though she and the German cabinet minister has repeatedly reiterated its opposition to the euro bond, but after the official presentation of the debt-sharing "current" not the right way to overcome the crisis, in principle, never ruled out the implementation of the Euro the possibility of the bond.
 
Some Members said, half-jokingly, Merkel said that this sentence is not clear Merkel unusually tough wording Does that mean the transformation of the policy stance. Another requested anonymity, administration officials said this does not represent Merkel's attitude, tried to play down the above wording.
 
However, the pessimistic attitude of market participants. Obviously, Germany and France, Italy and other countries recently almost into deadly antagonists. Italian Prime Minister Tremonti had previously said that if Merkel to boycott Euro bonds, he would choose to resign.
 
Rompuy seems to have its limitations. He stressed on the 26th, the above-mentioned report is not a final blueprint for the next stage, he will work with the European Central Bank Governor Mario Draghi, the European Commission President Jose Manuel Barroso and President of the Euro Group Juncker report be modified, and to seek in December to submit specific proposals to build the European Economic and Monetary Union based on a phased basis, this time nodes than the original commitments in October postponed for two months.



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