Translated from the Brussels jargon, the PEC – president of the European Council – report will be Herman Van Rompuy’s preliminary text of the future of “Economic and Monetary Union”. This will be circulated in sealed envelopes next week.
The separate text will set out a “roadmap” to a banking union, polling debt via some kind of eurobonds and political union via EU treaty change over the next 10 years.
Also important and controversial is will the “other financial stability measures” paper, including financial transition tax proposal and moves towards a banking union that can be taken by the EU before the end of the year.
Britain faces major fight over an FTT, or some other banking levy, at a meeting of EU finance ministers on Friday ahead of the summit next week.
The UK – which has no veto under current proposals on deepening EU banking regulation – also faces the ECB becoming Europe’s main banking regulator and the creation of national bank resolution funds that can be asked to contribute to European bank bailouts on a “compulsory” basis.
RPT-FOREX-Euro briefly jumps broadly after Greek vote results - Reuters UK
(Repeats with "FOREX-" tag in headline)
WELLINGTON, June 18 (Reuters) - The euro briefly rose after Greek election results showed parties committed to its debt bailout plan were on course to secure a slim parliamentary majority, keeping the debt-indebted country in the euro zone.
The euro rose to around $1.2730, according to Reuters data in early Australasian trading on Monday, its highest since May 22.
But it pulled back to around $1.2690 by 1948 GMT, as investors were uncertain about what shape a coalition government may take.
Official vote projections from Greece's interior ministry showed the pro-bailout New Democracy taking 29.5 percent of the vote, with SYRIZA in second place with 27.1 percent. The Socialist PASOK followed in third place with 12.3 percent.
"It's positive so far for the market, and risk currencies are opening higher," said Imre Speizer, a senior market strategist at Westpac.
"New Democracy has taken first place ... but we don't know what the coalition's going to look like, so we still do have some uncertainties remaining and any gains should be limited."
Against the yen, the euro rose to 100.45 yen, before edging back to around 100.00 yen.
The dollar rose to around 78.90 yen, compared with 78.65 yen in late trading in New York on Friday,
Currencies considered to be high risk, including the Australian and New Zealand dollars , rose to their highest in more than a month, before trimming gains.
Most other asset markets were yet to open for trading, after shares, commodities and bond markets had climbed on Friday.
Australian share price index futures indicated a higher open to the S&P/ASX 200 index. (Reporting by Naomi Tajitsu; Editing by Maureen Bavdek)
Finance expert Martin Lewis secures TV deal - Daily Record
Forex: EUR/USD poised to open higher on Greek elections result - FXStreet.com
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