I didn't see anything important in any of that, but then it's still being digested. To be honest, I can't imagine anything significant coming out of that.
Its an uncertain situation because they behave as if they wanted to bailout the nations no matter what(even making fiscal transfers) but at the same thing hint there might be restructuring. At this point its hard to say which one will win out, specially because if this 'veto' is used essentially it forced the person vetoing to most likely have to bailout their own banks and deal with a financial crisis
M2 grew 2.2% in 2009 and so far is 1.8% in 2010. Its amazing how Trichet brags about how his bond buying is not QE due sterilization. Their core inflation is at 1.1% yoy, they seem to be taking comfort on the fact that the headline figure is at target, not realizing that its mostly a oil move not good policy that made that happen