EU Officials Struggle for a European Solution - 5.6.2012

After the freshly made lows of the Euro the previous week the German Finance Minister Wolfgang Schauble said today that Germany want a closer European coordination to resolve banking problems and move toward further political and economic union. He also said today that before EU launches euro-bonds it must first achieve a fiscal-union. Moreover he stressed that a banking union is a target as part of the steps toward the fiscal-union. Banking union has been also proposed by the European Commission President, Jose Manuel Barroso to face the arising problems for the European banks. Lastly, the Spanish Minister Cristobal Montoro said today that European institutions should help recapitalize Spanish banks as the Spain’s access to markets is narrowing. The common currency reached on Friday 1.2309, the lowest since July 2010, and it was lastly seen at 1.2431.