EU Summit’s Limited Success Tests Credibility of Leaders

Last week’s EU summit left many central issues unaddressed, damaging the credibility of eurozone policymakers’ efforts to address the region’s ongoing debt crisis. EU leaders agreed that a single supervisory body will take responsibility over eurozone banks from next year, allowing the new eurozone bailout fund — the European Stability Mechanism (ESM) — to bypass national governments and lend directly to troubled banks.

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