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Page last updated at 08:09 GMT, Thursday, 2 August 2012 09:09 UK

ECB has 'jumped the gun' on euro summit


Paul Mortimer-Lee of BNP Paribas believes that the president of the European Central Bank has "jumped the gun" in calling a summit taking place later today to decide how to cut Spain and Italy's borrowing costs.

Speaking to the Today programme, he said that European Central Bank President Mario Draghi went off "before he got everybody lined up behind him and before he's got the necessary conditions to deliver what he seemed to promise".

"It could be that we're moving towards fiscal and political integration but it's not going to happen in a big rush," he said.

Business editor Robert Peston believes that there is a "genuine risk" that whatever Draghi says will be seen by many people as "very disappointing", adding Europe could be heading towards "more months of uncertainty and the Eurozone lurching from crisis to crisis".

Christian Schultz, senior economist at Berenberg Bank, explains that in Germany the underlying mood is still "clearly in favour of the euro".

"Once you've abandoned the euro you will not have another euro... which just leaves a big void in German foreign policy," he told John Humphrys.

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