Investors Brush Eurozone Crisis Aside
So Catholics around the world have a new leader and it's just a shame that the country which surrounds the Vatican cannot do the same thing.
Italy remains without a government and so Mario Monti will head to Brussels to represent the country at the two-day EU Summit that starts today.
There will always be lots for European leaders to discuss, but investors will pay less attention to them this time as the Eurozone crisis has been brushed to one side for now.
But therein lies the danger; complacency and a lack of leadership can easily cause people to take their eye off the ball.
The main concern that arises from the ECB using its power to back the single currency is that political leaders may become less inclined to implement the necessary reforms.
They are less likely to cut back their spending and improve the state of their banks because they feel that either the central bank or Germany will come to their rescue. Of course, these two options are essentially the same since Germany has the biggest stake in the ECB.
No doubt Italy will be on the agenda as a lack of government continues to increase their borrowing costs and this worry has been reflected in the recent weakness of the single currency.
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By Angus Campbell, 14 March 2013