The EU budget talks have moved into their second day but look unlikely to come to any resolution as German Chancellor Angela Merkel has stated yesterday that she has doubts that any agreement can be reached. With Germany one of the leading voices in the summit it seems that there is too much disagreement within the single currency economy, this disagreement was highlighted by the fact that the summit was delayed for 3 hours due to the significant differences between the individual countries budget plans. It was well documented yesterday that David Cameron’s views are very different to that of Germany and France and so if no resolution presents itself today we could start to see some cracks in the Union appear and this could lead to blame being pointed at Cameron and the UK which in turn could cause ruptions in the Coalition government. So, the significance of todays meeting should not be underestimated and therefore it could be important to watch Sterling Euro exchange rates over the course of the day.

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