Italy’s win over Germany at the Euro Championships on Thursday couldn’t have been more timely.

As the Azzuri left the football pitch triumphant, Germany was yielding again to Italy, and other Mediterranean states, this time in the boardroom in Brussels and not over a trophy but the survival of the euro.

EU nations have now agreed to allow European banks the possibility of direct access to emergency EU funds without the introduction of austerity measures in their countries, as well as to work towards a European banking union. This news is seen by some pundits as the first step towards bringing some stability back to the Eurozone, although internal economic conditions in many EU countries remain very tough.

Anyone on the verge of buying a property or who already lives in Europe will welcome this latest twist in the tale of the Eurozone debt crisis, which should bring some confidence back to the overseas property market. It is also worth tracking how the results of the EU summit could affect exchange rates. Given the UK benefits from positive news in the EU, Sterling remained relatively strong against the euro, losing just 0.3 per cent immediately after the summit, but gained more than one per cent against the dollar.

For advice on making currency transfers, including how to minimise exposure to exchange rate movement, speak to Smart Currency Exchange. They consistently offer better exchange rates and a faster service than banks for bank-to-bank transfers, whether you are buying overseas property, emigrating or repatriating money to the UK. Call Smart Currency today on 0808 163 0102 or to find out more visit the Currency Zone.