The EcoFin meeting is getting underway and with it comes the usual blizzard of headlines from the assembled finance ministers. On the tape now is German Finance Minister Steinbrueck, who says that he would be unhappy if the credibility of the growth and stability pact (which limits budget deficits) is called into question. On a lighter note, he endorses Luxembourg’s Juncker continuing as chairman of the Eurogroup.
EUR/USD has recovered to the 1.3870 area as fears of a collpase of West LB recede.