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Week in Europe – EUR Road to Nowhere

This week the spotlight was on the Euro area leaders summit. Alas and not a surprise, no major announcement took place. The extension of a new or modified rescue plan for Spain and Greece respectively was not even addressed. According to Merkel, the two-day EU summit was not for decisions; it was about putting things on the right track.

Leaders and policy makers focused mostly on the creation of the infrastructure behind the bank supervisor plan, and on the implementation of the ESM’s ability to directly recapitalize banks, but without any clear policy decisions. If anything, the summit reinforces again the difference in view and priorities amongst the Euro stakeholders. Members agreed to begin the creation of a banking supervisor under the ECB.

The timing of initiation remains uncertain, but it’s earmarked to happen over the course of 2013. The plan supposedly involves the ECB directly regulating only “systemically important” institutions while local regulators supervise smaller institutions.


  • CAD Bank of Canada Rate Decision
  • AUD Consumer Prices Index (YoY)
  • USD Federal Open Market Committee Rate Decision
  • NZD Reserve Bank of New Zealand Rate Decision
  • GBP Gross Domestic Product
  • USD Gross Domestic Product (Annualized)
  • USD U. of Michigan Confidence

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Dean Popplewell

Dean Popplewell [27]

Vice-President of Market Analysis at MarketPulse [28]
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell
Dean Popplewell

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