Agreed-to EU pact sets stage for quantum leap in integration

Agreed-to EU pact sets stage for quantum leap in integration

Press quote (Los Angeles Times)
10 December 2011

"This is not primarily a fiscal crisis. It's basically a growth crisis, and there's nothing in this agreement that makes one any more optimistic about economic growth," said Simon Tilford of the CER in London.

The summit did not give the European Central Bank political cover to step up its bond-buying aggressively and become a "lender of last resort" to vulnerable nations, Tilford said.