Friday saw the common currency of the European Union climb to an eight-month high against the monetary unit of Japan as European Union chiefs meeting in Brussels vowed to merge efforts and advocate for banks suffering under the duress of the sovereign debt crisis, Bloomberg reports.
Though the euro was barreling toward weekly gains against the world's reserve currency, Friday's advances were tempered by underwhelming economic data released by Germany. The European Central Bank is likely to oversee the single resolution on which EU officials agree to help beleaguered banks.
"All in all, the picture for the EMU (euro zone) economy has not changed much after today's data," economist Annalisa Piazza with Newedge Strategy told Reuters on Friday. "EMU GDP is expected to continue to contract in Q4-12 and there are no signs of improvement for the first part of next year."
Angela Merkel, chancellor of Germany, said the people who are responsible for bank failures should "carry the burden," according to Bloomberg.
December saw a German manufacturing index fall to 46.3 this month after having checked in at 46.8 in November, according to Reuters.
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