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Enter the Draghi ... and Merkozy

Big day for economic news and events .........

So it's a big day for the eurozone.

We have:

U.K. 12:00 (GMT) MPC rate decision – market consensus - no change expected from 0.50%

Eurozone 12:45 (GMT) ECB rate decision – market consensus - 25 bps or 50 bps rate cut expected

Eurozone 13:30 (GMT) Mario Draghi press conference

Oh and of course, shall we not forget about the "big announcement" from Germany's Merkel and France's Sarkozy?

After announcing on Monday that they had reached a "comprehensive agreement" on a new set of fiscal rules, in a bid to save the euro. Proposals have included tougher budgetary measures and to relax rules on the private sector taking losses on future eurozone bailouts.

And yes - we have heard about how Merkozy have proposed to double the financial firewall for eurozone bailout funds.

However, this has only led to more questions as to how some of these proposals will work.

Today, should be "the day" for finding out more details on the "fiscal union." But judging by some market participants comments, a cornucopia of details will be needed to quell fears that the eurozone.

- Euromoney Skew Blog

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