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Finance ministers in the European Union agreed Tuesday to new reforms designed to improve market confidence, penalize governments that do not follow budget rules, and increase budget discipline. A key aspect of these proposed rules is that any sanctions against E.U. members will be more automatic and less open to any political intervention.
However, Jean Claude Trichet, the head of the European Central Bank, does not believe these reforms go far enough to address the existing problems, stating that the reforms were "insufficient to draw the lessons from the crisis we had to cope with."
If the new regulations do prove successful, the Vanguard MSCI European ETF (VGK) could be a long-term winner.
On the other hand, if Jean Claude Trichet is proven right and the new rules do not go far enough, the ProShares UltraShort MSCI Europe ETF (EPV) may end up the better investment.
Jason is a co-founder of Benzinga.com. Follow Benzinga on Twitter at http://Twitter.com/Benzinga.
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