The Eurozone’s four largest economies, i.e. Germany, France, Italy and Spain, agreed that growth is a necessary component to the Eurozone’s recovery though Angela Merkel, the German Chancellor, continued to stand resolute against the use of the EFSF or ESM funds for anything other than a bailout. The talks, which took place in Rome, resulted in the respective governments’ agreement to adopt measures that would stimulate growth by as much as 1% of the E.U.’s combined gross GDP, equivalent to about EUR130 billion. Read more
