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Forex pairs in this Article » EUR/USD (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that focus will fall again on European Finance Ministers this week.

He comments that European finance ministers will meet today ahead of the Summit that begins Thursday afternoon in order to see if more progress can be made on the banking union. He adds that talks broke down at the end of last week, without resolution and there are four dimensions to the issue and like a Mobius strip or an Escher drawing, it is difficult to know what comes first and what is last. He writes, “The four elements are a single supervisor, a single bank resolution authority, direct bank recapitalization from the ESM and new rules to regarding how the costs would be distributed between investors, creditors, depositors and taxpayers.”
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