Obama encouraged by European direction after meeting Merkel

The White House says that after meeting Merkel, Obama is encouraged by the direction of the process to tackle the debt crisis in Europe.

Earlier, Treasury undersecretary Brainard said a financial union in Europe is ‘critical’, ‘necessary’ and that it’s important to have greater bank risk-sharing in Europe.

It’s safe to say that’s the direction Europe is heading but it may be politically impossible.