A lot of talk of this being the big euro print.
The seniority changes will certainly help bond rates - looks like Germans may have acquiesced on that one(?)
And the centralised supervisory roles are part of their push along with Fiscal controls as I understand.
But need to cut through the inevitable spin to determine details of any funding - how much, what terms, where it comes from (rehashed?) and if and when it gets paid.
Don't forget up until now there was a strong political impasse.
Need to see what M. says and sift through it carefully IMO.
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