The Morning Vibe

09/12/11 -- You will be entirely unsurprised to hear that the 27 members of the EU couldn't all agree on the small print to treaty changes to unify their fiscal policy snugly under one big happy protective blanket.

Our very own super hero David Cameron was the most notable dissenter, along with Hungary, Sweden and the Czech Republic.

Exactly what the way forward is from here seems a little unclear. Sarkozy appears to be determined to press on and form a club within a club, saying that a new deal should be agreed by March, according to the BBC. Another three months in limbo then, will there be anything left to save by then I wonder?

Meanwhile there is also talk of the bailout fund being increased to EUR500 billion, as if that's an achievement. In reality that's only half of what they previously said it was going to be increased to, and nobody seems to be mentioning that more than half of this half a trillion euros has in fact already been allocated. That doesn't leave a lot left over for Italy does it?

So there we have it. As clear as mud.

Whilst all this is going on Moody's have downgraded the top three French banks BNP Paribas, Societe Generale, and Credit Agricole, and given all three a negative outlook.

Next up the USDA...