Looks like the takeover of Europe has begun. Here are some snippets of an article by CNBC:
The euro zone’s 17 finance ministers converged on EU headquarters Tuesday in a desperate bid to save their currency — and to protect Europe, the United States, Asia and the rest of the global economy from a debt-induced financial tsunami.
The ministers were discussing ideas that only weeks ago would have been taboo: countries ceding fiscal sovereignty to a central authority, an elite group of euro nations that would guarantee one another’s loans but require strong fiscal discipline from members.
Changes to existing rules are being touted as one way the eurozone can get out of its debt crisis, which has already forced Greece, Ireland and Portugal into international bailouts and is threatening to engulf bigger economies such as Italy, the eurozone’s third-largest.
German Chancellor Angela Merkel reiterated her support for changes to Europe’s current treaties in order to create a fiscal union with binding commitments by all euro countries.
“Our priority is to have the whole of the eurozone to be placed on a stronger treaty basis,” Merkel said Tuesday in Berlin. “This is what we have devoted all of our efforts to; this is what I’m concentrating on in all of the talks with my counterparts.”
Merkel acknowledged that changing the treaties — usually a lengthy procedure — won’t be easy because not all of the European Union’s 27 member states “are enthusiastic about it.” But she dismissed reports that the eurozone, or some groups of nations, might go ahead with a swifter treaty between their governments.
President Barack Obama said Europe’s failure to resolve its debt crisis would complicate his own efforts to create American jobs. And even Poland, a non-eurozone nation historically wary of German dominance, appealed for help.
“I will probably be the first Polish foreign minister in history to say so, but here it is,” Radek Sikorski said in Berlin. “I fear German power less than I am beginning to fear German inactivity.”
“The biggest threat to the security and prosperity of Poland would be the collapse of the eurozone,” Sikorski added. “And I demand of Germany that, for your own sake and for ours, you help it survive and prosper.”
He said more money might come from the International Monetary Fund — but more money in itself would not fix Europe’s basic problem.
“The fundamental problem is that the reforms have been insufficient, notably in southern European nations,” De Jager said.
At the top of Tuesday’s agenda is finding a means to more fully integrate the eurozone’s disparate nations — ranging from powerful Germany to tiny Malta — both politically and financially. And the ministers must do it fast, without the delays caused by democratic niceties like referendums.
Iron mixed with clay indeed! And now we only need a strong leader to bring unity to this plan. How quickly the world changed in a years time.