Effects of Eurozone Summit Agreement Will Depend on the Details
Last week saw two German defeats within 24 hours. On the football field, Mario Balotelli led Italy to a 2-1 victory over Germany in the UEFA Euro 2012 semifinals. In Brussels, it was another Mario that dealt Germany a defeat of sorts at the Eurozone summit. Italian prime minister, Mario Monti successfully pushed aside German objections and won agreements to create a single Eurozone banking regulator and to allow bailout funds to lend directly to struggling banks.
