Leading the way on outcome of EU Summit on aid to struggling eastern Europe

Reuters was alone for most of March 1 with the draft statement from a European Union summit called to discuss the increasing impact of the financial crisis on the economies of central and eastern Europe. Currencies and bonds have been at the sharp end of the crisis for months. Now eastern Europe’s entire banking system is under pressure. Investors looking to see how the EU would respond found the answer on Reuters first. The draft statement contained a commitment to act within single market rules and reject protectionism. As leaders met, Reuters was already reporting there would be no regional aid package for central and eastern Europe following opposition from Germany. When the meeting broke up, Reuters was alone in spotting the significance of German Chancellor Angela Merkel’s suggestion that countries outside the eurozone may be allowed to join ERM-2 at an accelerated pace. That was an angle other news providers picked up 24 hours later.