Omens for the Euro

The signs aren"t exactly looking good for the summit of the EU, which was rescheduled twice, to be held today in Brussels, a meeting which is considered crucial for the immediate future of Greece, of the Eurozone, of the European Union, of the United States of America and of the entire world, in terms of the effects it will have on finance, banks, the economy and society (if we are to rigorously enumerate the consequences which the world expects from the decisions which will be made there) and which should have been preceded by a reunion of the EcoFin (of the 27 finance ministers of EU countries), which was postponed (some rumors claim it was cancelled).

The EcoFin reunion was tasked with drafting the final agreement which would precede the EU summit, but a letter sent by the President of the Council of the European Union, Jacek Rostowski, two nights ago, to Jean-Claude Juncker, the President of the Eurogroup (the 17 ministers of Finance in the Eurozone), says that the Euro finance ministers couldn"t agree on the proposed solutions and therefore the EcoFin must be postponed by a day or two:

"The way things are now, it has been said that the complete package can not be ready before Wednesday, October 26th. In this case, the presidency should postpone the reunion of the Ecofin council, by a day or two. As a result, I would like to ask you to keep me informed if the remaining elements of the package of measures will be completed by the Eurogroup, so that I can summon the EcoFin reunions as promptly as possible."

Of course, that doesn"t necessarily mean that the EU summit should be postponed once again, because, as some European clerks claim, there would be a conviction that any reunion of the Ecofin or of the Eurogroup led by Juncker is extraneous, because the heads of the governments will need to take all the major decisions starting on Wednesday night.

But it could also mean that it will be postponed for the third time.

Or, it could perhaps mean that the printing of Euros has begun.