(WSJ Europe) Europe's Leaders Agree to Repair Flaws in Currency, but Bold Strokes Missing

The positive reactions appeared to be driven by relief that leaders had reached an agreement at all, rather than enthusiasm for the deal itself. If recent history is any guide, the glow could fade fast as investors focus on the details, or on a continued lack of clarity over what role the European Central Bank will play.

“The summit was the first step toward fiscal integration, which is a problem we need to solve, but it will be a long, drawn-out process,” said Mohit Kumar, head of European rates strategy at Deutsche Bank in London….

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