The EU Summit Actually Produces Strong Results This Time

EU Council President, Herbert van Rompuy, says the EU leaders have made a breakthrough at the most recent summit. European banks can now be recapitalized directly, in certain circumstances, and that leaders will put in place a single supervisory mechanism. At the summit, EU leaders also decided, for financially responsible countries, to open the possible use of financial stability instruments in order to reassure markets. As a result of this summit, stock markets have skyrocketed higher today across the globe.