There was fairly unanimous agreement that the most recent EU summit did some good, if for no other reason than it offloaded some of the risk for bank bailouts off of sovereign governments. The real innovation was that the European bailout fund would be able to lend directly to the banks, rather than tying only [...]

  Everyone was supposed to go home happy after an EU summit that beat expectations. However, if you look at the crux of what Europe did at the summit, you would get the impression that Wolfgang Münchau got, that they really just played around with a European bailout fund that has no additional cash in [...]