Brussels summit 'will not resolve euro crisis'

Simon Tilford, from the CER agreed, "This week's summit will do little to solve the fundamentals of this crisis."... Mr Tilford told Channel 4 News the summit should have agreed a fully-fledged fiscal union. Instead, all it had done was tinker. "This is little different from what the eurozone already had: the stability and growth pact. All it does is require states to keep their budget deficits under 3 per cent. That is not a fiscal union, which would mean a federal budget and revenue-raising powers," he said. ... Mr Tilford said there were "formidable obstacles" to beefing up the ECB, but in the short term it could do more.