Markets Steady as Merkel, Hollande Set to Tangle at EU Summit
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Pressure is mounting on German Chancellor Angela Merkel as she is set to tangle with newly elected French President, Francois Hollande. The meeting, scheduled for this Wednesday, is the latest in a long string of what some would say are unproductive attempts to solve the crisis in the EU.
Wednesday's meeting takes place as the EU faces an economic crisis that is slowly spinning out of control. The problems are compounded by differences of opinion on how to deal with the crisis, with Merkel and Germany favoring austerity, while others in Europe favor a growth orientated approach.
The Organization for Economic Co-operation and Development warned that if European leaders failed to act, it could create a worsening crisis that could spillover beyond the euro area and have serious consequences for the global economy.
Shares of the S&P 500, often traded as ETF (NYSE: SPY), opened slightly positive. Vanguard MSCI Europe ETF (NYSE: VGK) was also in the green.
Wednesday's meeting takes place as the EU faces an economic crisis that is slowly spinning out of control. The problems are compounded by differences of opinion on how to deal with the crisis, with Merkel and Germany favoring austerity, while others in Europe favor a growth orientated approach.
The Organization for Economic Co-operation and Development warned that if European leaders failed to act, it could create a worsening crisis that could spillover beyond the euro area and have serious consequences for the global economy.
Shares of the S&P 500, often traded as ETF (NYSE: SPY), opened slightly positive. Vanguard MSCI Europe ETF (NYSE: VGK) was also in the green.
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