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German resistance to such proposals and Merkel’s refusal last week to provide any relief to Spain or Italy at a meeting of the four leaders of the euro zone’s largest economies threatened to turn the Summit into a fiasco, billionaire investor, George Soros wrote in the Financial Times on Monday.
He added lack of progress at the Summit would leave the euro zone “without a strong enough firewall to protect it against the possibility of a Greek exit.” Meanwhile, the Bank of England needs to pump at least another 50 billion pounds ($77.2 billion) into the British economy, a member of the central bank’s interest rate setting committee told the Financial Times in an interview.
David Miles warned only a “substantial” third round of quantitative easing would kick start a recovery in the UK economy. Last week the minutes from the Bank’s June meeting showed the committee split 5-4 against making more asset purchases in the month but most expect the Bank to take the step at its next meeting.
In corporate news, the head of Europe's drug industry has written to EU leaders seeking major concessions to help keep supplies of medicines flowing to crisis-hit countries like Greece and Spain.
Drugs companies want two special measures to prevent discounts being provided to southern European nations being expected in richer states to the north where government can afford to pay for innovation.
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