[dropcap]T[/dropcap]oday’s coordinated effort by global central banks is certainly bullish and another incremental positive for Europe. But behind the scenes the fundamental issues remain. It all boils down to one country’s actions: Germany. There are those who believe Germany is adding fuel to fire by not allowing a full ECB backstop. But can you really blame them? If the ECB was to provide immediate assistance it might reduce incentive for troubled nations to shore up finances. As such, more concrete rules surrounding European fiscal responsibility are likely necessary before Germany cedes control. When this might happen is anyone’s guess, but it needs to happen soon.
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