What is the Secret Plan to Save the Eurozone?

Articles I found.

Top Officials Drafting Master Plan For Euro Zone - Report (Dow Jones Newswires at Nasdaq)
Der Geheimplan für ein neues Europa/The Secret Plan for a New Europe (Welt.de)

Source: Flicker/Skley
"According to the newspaper "Welt am Sonntag" work van Rompuy, Barroso and Juncker Draghi on proposals for four areas: structural reforms, the banking union, a fiscal union and political union. So far, the work of the master plan is almost unnoticed by the public. These are the proposals that are brought together in the back rooms of the EU institutions, in itself. In the end, would create an entirely new Europe - where some of the 27 EU countries can." (Welt.de translated)

But then I read this at Bloomberg.com:

"Merkel rejected joint debt issuance in the 17-nation euro area as a solution, saying “under no circumstances” would she agree to Germany-backed euro bonds.

Now, some “come along and ask for euro bonds, saying all we need are equal interest rates and everything will turn out all right,” Merkel said in a speech to members of her Christian Democratic Union in Berlin yesterday."

Comments

  1. I think you'll find Merkel's comments have been taken out of context. I think you may need to add "unless there is centralised control of budgets".

    Basically, I get the feeling the authorities have twigged that the only way this works is if the Eurozone is a "country" with centralised debt issuance, fiscal transfers and centralised control of 'regional' budgets. Capital cities to be relegated to the status of Town Halls.

    I am also getting the feeling that the authorities are beginning to feel now is the time to push for it - the federal Europe that underpins the unified 'European destiny', 'the project'.

    They have about 10 minutes to persuade the electorates that that is what they want.

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