Financial markets have given a cool reaction to proposals by the French and German leaders for more economic coordination within the euro zone.
Their idea of fiscal union failed to reassure investors about the region’s debt crisis.
At Tuesday’s summit in Paris neither leader mentioned what the markets longed to hear…the launch of euro bonds.
One of the countries which could have benefited from them – Italy – has in the meantime begun reviewing its 45.5 billion-euro austerity package,
But that will not be passed until September, leaving Rome until then vulnerable to renewed investor attack.