Currency Calculator

Use the currency calculator to calculate the rate of exchange.

GBP Flag

1 GBP = 1.12975 EUR

EUR Flag

1 EUR = 0.88476 GBP

Change Currencies Currency Providers

EU leaders 'trying to stay ahead of the market'

CMT advert

European Union (EU) leaders are trying to stay on the front foot rather than respond to events, experts have stated.

Eurozone ministers recently agreed to offer financial support of approximately €100 billion to banks in Spain in order to shore them up throughout the country's sovereign debt crisis.

According to foreign exchange specialist HiFX, this is more than twice the amount the International Monetary Fund had estimated would be necessary to ease the situation in Spain.

Chris Towner, the group's director of FX advisory services, said this shows finance ministers in Europe are adopting a new approach to tackling the continent's financial woes.

"We are starting to see the EU leaders trying now to not just catch up with the market, but to try and remain a step ahead of the market," he observed.

However, Mr Towner argued that the crisis in the eurozone has "gone on long enough now", which means the EU should start to "map out a plan on a union level" and "stop fudging solutions".

Therefore, he believes countries need to be more closely harmonised when it comes to areas such as debt and leadership.

Meanwhile, IG Markets has been more critical of the actions taken by policymakers in Europe.

Speaking to BBC News, spokesman Justin Harper argued that they have not reacted quickly enough to the crisis in the eurozone and need to look beyond taking short-term measures to address the problem.

He said investors are concerned because they are seeing "political infighting" instead of a "collective long-term plan" being put in place.

"They are doing too little too late," Mr Harper stated.

Chancellor of the Exchequer George Osborne has already said he believes the eurozone is approaching a critical moment in its history.

Indeed, he told the Sunday Telegraph at the weekend that the decisions taken by EU leaders in the coming months could determine Europe's economic future for the next decade at least.

Leave a comment

Foreign Exchange New Update

Top 10 Money Transfer Companies