fiscal unification begins

So, the unification process begins. The bank regulator is being proposed. (I thought the ECB would actually announce a definitive plan, but this maybe enough for now.) More importantly, and what is most likely driving the futures, is the shift in the EFSF to directly recapitalize the EU bank.

Is this the beginning of the year end rally? If it is enough for China to kick in real stimulus, then I say yes.

I will really start getting excited when there is chatter about a unified tax system (or something of the like). Because with this, the EuroBond is inevitable.