SMM4 12: after five hours of discussion. At the summit, EU leaders agreed to extend the Brexit deadline again until the end of October. The British government failed all three times and was supposed to leave the European Union without an agreement on April 12, but this is clearly something that neither EU nor British leaders would like to see. The delay has not only given Britain a chance to kick out interest, but also for EU countries to avoid the impact of Brexit without an agreement.
Former Brexit Minister David Davis said in an interview that there has been no progress in Brexit, and it is difficult for him to imagine how the current Brexit agreement will be approved by lawmakers. British media comments that the two sides may still face the same situation and problems by the end of October.
At present, the EU has given Britain the initiative to leave the European Union. It is hoped that Britain will make a quick decision, pass Parliament as soon as possible, and end the extension period. The British government is still powerless to face the obstruction of the opposition. Even Prime Minister May can't get enough support as bait. I don't know what else the British government can do to get the Brexit deal through parliament. It can be said that there will be another long tug-of-war, as the media comments say. I'm afraid there's still no progress in the end.
The soap opera of Brexit continued to unfold, and the German economy continued to deteriorate. Yesterday, the final value of Germany's March CPI was 1.3, which equaled the April 2018 CPI figure, the lowest in a year. It shows that the German economy continues to decline, which is still the ECB continues to maintain its negative interest rate policy without raising interest rates once, but inflation has never been able to lift its head. In the past 10 years, inflation in Germany has not yet exceeded 2.5%. Above 2% is very short-lived, no wonder the ECB has been dragging its feet on raising interest rates. The balance sheet of the European Central Bank is about 4.7 trillion euros, and so much money is printed without inflation. as a result, it can be imagined that Europe, Japan and the United States have encountered the same problems, and money cannot be lent. That is, the money does not enter the real enterprise, but stays within the bank, in other words, there is something wrong with the transmission mechanism of the money. This has never been a problem you can solve by printing money. Now it is not a problem of insufficient capital, but a lack of investment opportunities and confidence in the markets, but a barrier to monetary transmission within banks. Reform is not with Chinese characteristics. Any country with economic problems needs to carry out reform, procrastination blindly, fear of reform, avoid the important and light, and hope that by issuing money, we can fool and cover up the structural problems. We can only deceive ourselves and others. In the end, it may not be a blockage of blood vessels, but a myocardial infarction. Reform needs hawks and hardliners, who are not afraid of the obstruction of interest groups, are not afraid of the short-term pains of the economy, and carry out the reform to the end with tenacious will and firm conviction. Now major countries in the world need such figures.
![Month-End Downstream Restocking Demand Declined, Suppliers Slightly Lowered Premiums for Shipments [SMM South China Spot Copper]](https://imgqn.smm.cn/usercenter/OpmKJ20251217171712.jpg)
![Suppliers' Willingness to Sell Increased at Month-End, While Spot Premiums Remained Stable [SMM North China Spot Copper]](https://imgqn.smm.cn/usercenter/fEiiq20251217171711.jpg)
