As recently as Monday, one could almost have formulated a cautious conjecture for how the European Union summit scheduled for Thursday and Friday would play out. The EU, it seemed, would agree to significant changes to the Lisbon Treaty to enshrine automatic penalties for those states in violation of euro-zone debt rules and would take steps toward greater fiscal integration in the common currency area. http://www.spiegel.de/international/eur ... 99,00.html
In response, as hinted by European Central Bank President Mario Draghi last week, the ECB would step up its bond-buying program. Financial markets would be reassured, interest rates on sovereign bonds issued by heavily indebted European countries would fall and Europe would thus have time to implement the treaty changes and work its way out of the debt crisis.
As the summit approaches, however, that scenario is looking increasingly optimistic. Some might say naïve.
Many are also concerned that promises to increase fiscal integration won't be enough. After all, such changes could take months to implement -- too long, say many analysts, for countries like Spain and Italy.
Der Spiegel presents four possible resolutions:
War is a biological necessity of the first importance, a regulative element in the life of mankind which cannot be dispensed with, since without it an unhealthy development will follow, which excludes every advancement of the race, and therefore all real civilization.-Friedrich von Bernhardi
What can be said for a man who would allow his home to be invaded by strangers who demanded they be fed, clothed, housed and granted the rights of the first-born? What can be said for a ruling elite that permits this to be done to the nation, and who celebrate it as a milestone of moral progress?-Pat Buchanan