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Markets fall as Ecofin meeting pulled

Markets have tumbled after reports emerged that tomorrow’s critical meeting of finance ministers has been cancelled ahead of the eurozone summit.

Bloomberg shows the FTSE 100, the Cac 40, the Dow Jones and the S&P 500 are all down as a number of news providers, including the FT and Bloomberg, reported that the Ecofin meeting due to be held tomorrow has been pushed back.

The FT’s Brussels Blog cites a letter from Jacek Rostowski, the Polish finance minister, to Jean-Claude Juncker, who chairs the group of 17 eurozone finance ministers.

Rostowski is tasked with convening tomorrow’s meeting of all 27 EU finance ministers tomorrow.

However, his message to Juncker says that policymakers’ inability to decide on a rescue package for the eurozone makes it necessary to delay the Ecofin council meeting “by a day or two”.

The Ecofin meeting was requested by leaders at the close of the weekend’s EU summit. It has to finalise a bank recapitalisation plan seen as critical to the success of wider efforts to stop the eurozone debt crisis spreading from the periphery to the core.

It is understood that the main summit, which consists of the 27 EU members followed by a dinner discussion between the 17 leaders of the eurozone, will go ahead as planned tomorrow evening.

However, it remains unclear how much meaningful progress can be made without concrete proposals to bolster the region’s banks.

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Comments

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  1. The best thing for the UK to do is just stand well back, watch the blaze from a safe distance and hope that our economy isn’t too badly scorched by the flames.

    So what if the UK is marginalised from EU decision making processes? It’s becoming increasingly apparent that the EU is now past the point of being able to reach any decisions. We’re better off out of it.

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