Dressing Right July 6, 2012 Dear Investor: Germany has made some moves towards convergence of Euro fiscal policy – a necessary step to save the common currency. A monetary union without a fiscal one has damaged the European economy. Germany capitulated on two key points, allowing: (1) European funds to be used to directly recapitalize banks and (2) bailout funds to be used to buy sovereign bonds on the open market. This is a start but hardly a...