A bit less whip, a bit more bazooka in the eurozone week that was

The economics team at RBS summarise the announcement from the EU summit last week that surprised to the upside, while putting it in context:

We expect a successful resolution to this crisis through a series of small steps, with sovereignty pooled and houses put in order before the strong finally embrace the weak, because one big bazooka solution will take the pressure off in the periphery and therefore prove politically unpalatable in core.