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European markets searching for direction today's investors continue to search for clarity on central -- action Ashley Webster.
-- joins me out that an update of course on the big meeting between -- Angela Merkel and Mario Monti he's.
Did not go well although they -- -- both said the right things were gonna defend the Euro in the eurozone and the integrity but they really big clash Cheryl.
All the giving up banking licence to the ESM they have -- permanent bailout fund.
Merkel today said that in front of the reporters today in Berlin look it's not compatible with the EU treaties Monti meanwhile.
Sat up fought back saying -- a banking license may not fall within the treaties but they can be changed although local came back -- -- -- you know what.
Mario Draghi -- ECB agrees with me that that is not correct how ever.
Talking of Mario Draghi with the ECB he's also kind of firing back at some of the critics in Germany saying.
Okay look I understand you don't like what the ECB may have to do because it's not within the mandate box.
In extraordinary times standard policy doesn't always save the day and we may be forced to look outside of the box if you like so again it's all about.
What Germany is prepared to allow with regard to bond purchasing and changing the rules giving banking -- to the permanent bailout fund all of this does not bode well -- because we've seen this going on now for three years because they can't agree on how to fight the debt crisis September the sixth.
Next Thursday a week from tomorrow's from the ECB we'll talk about.
Perhaps what it's going to do with regard to bringing down those borrowing costs so it could be -- but you know -- last month to kind of let the market down because they did nothing exciting city.
Yeah how well the holding -- -- going to be ending and your assets and the United States so we shall see you and expect brings actually is think thank you very much for the CT PM eastern time on markets now.
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