Posted On: September 19, 2012
The value of the common currency of the European Union fell slightly as Wednesday morning's trading session resumed, pulled down by officials with Germany reducing the potency of proposals for a banking union in Europe, according to
The nation hosting the largest economy in the euro zone also sought to minimize the prospects of the European Central Bank fulfilling a supervisory role as the region aspires to climb out of a dismal financial situation created by the sovereign debt crisis.
Some view the proposals for a strong banking union "as a critical foundation for a sound currency," managing director Boris Schlossberg with BK Asset Management told the news source. "Therefore, any proposals to diminish the ECB's supervisory authority is viewed very negatively by the market."
But the euro had started on the uptick, prompted by the central Bank of Japan indicating it will embark on monetary stimulus to spur its economy.
Assets considered more risky emerged as alluring investments as the 17-nation currency advanced against the U.S. dollar, according to
Category: Industry News
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