Euro zone making scant headway on growth and reform


A Euro currency sign is seen in front of the European Central Bank (ECB) headquarters in Frankfurt September 6, 2012. Credit: Reuters/Alex DomanskiBy Alan Wheatley – The euro zone is finally getting a move on and slinging a safety net under the single currency. If only it were making as much headway in correcting the economic imbalances that made a rescue plan necessary in the first place.

The European Central Bank has bought time for the euro with a scheme for secondary-market purchases of bonds of countries such as Spain if they are shunned by investors. And the European Stability Mechanism is set to buy the debt as it is auctioned, after Germany‘s top court approved the establishment of the permanent rescue fund. Immediate market pressure has subsided. more> http://tinyurl.com/8nk2lhu

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