European Union Summit on Dec 9 2011, market focus next week

European Union Summit on Dec 9 2011, market focus next week : Many traders were now focusing on the outcome of a European Union Summit on Dec. 9, where German and French leaders will present plans to better integrate the 17 economies that use the single currency.

Germany and France will push for a broad treaty "refounding and rethinking the organization of Europe," French President Nicolas Sarkozy declared Thursday. He said that without some new "convergence" among European countries, the continent's crushing debt could destroy the euro.

The common currency is set to fluctuate against its U.S. and Japanese counterparts ahead of the EU summit on Friday next week, Hanao said, because both positive and negative headlines are likely to emerge before the gathering.

How the Greece and Italy situations turn out, and whether Germany will contribute more money to stem the region's debt woes..that will be our focus ?

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