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Reply #23: Wolfgang Münchau: The only way to save the eurozone is to destroy the EU [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 08:25 AM
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23.  Wolfgang Münchau: The only way to save the eurozone is to destroy the EU

So we have two crises now. A still-unresolved eurozone crisis and a crisis of the European Union. Of the two, the latter is potentially the more serious one. The eurozone may, or may not, break up. The EU almost certainly will. The decision by the eurozone countries to go outside the legal framework of the EU and to set up the core of a fiscal union in a multilateral treaty will eventually produce this split.

I wrote in October that a time will come when the interests of the eurozone will not only collide with those of the non-eurozone, but with the EU itself. We are now at that point.
On Thursday night, Angela Merkel and Nicolas Sarkozy clashed with David Cameron in a familiar Britain-versus-the-rest diplomatic standoff. That itself is not new. But a determination to go outside the treaty to overcome the disagreements adds a new dimension to this long-lasting dispute.


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  -STOCK MARKET WATCH, Friday, December 9, 2011 Pale Blue Dot  Dec-09-11 06:10 AM   #0 
  - Today's Reports  Pale Blue Dot   Dec-09-11 06:11 AM   #1 
  - U.S. Oct. trade gap narrows 1.6% to $43.5 bln (lowest for 2011)  Roland99   Dec-09-11 07:39 AM   #20 
  - Consumer sentiment at six-month high (67.7 vs Dec. 2010 level of 74.5)  Roland99   Dec-09-11 09:56 AM   #36 
     - It's not in my neighborhood. eom.  Hotler   Dec-09-11 12:20 PM   #48 
        - We must live near each other! n/t  hamerfan   Dec-09-11 02:05 PM   #58 
           - Let me buy you a beer. eom.  Hotler   Dec-09-11 02:21 PM   #59 
  - Oil lingers below $98 after disappointing ECB plan  Pale Blue Dot   Dec-09-11 06:11 AM   #2 
  - U.S. Stock-Index Futures Gain After EU Summit  Pale Blue Dot   Dec-09-11 06:13 AM   #3 
  - NPR: 23 European Countries Sign On To Fiscal Pact  DemReadingDU   Dec-09-11 07:09 AM   #17 
  - morning...  xchrom   Dec-09-11 06:14 AM   #4 
  - indeed. . . . .  Tansy_Gold   Dec-09-11 06:31 AM   #10 
  - Friday lunchtime looming here...  Ghost Dog   Dec-09-11 06:41 AM   #14 
     - Seems like 2008 again  DemReadingDU   Dec-09-11 06:56 AM   #16 
     - Morning Marketeers....  AnneD   Dec-09-11 09:00 AM   #35 
        - We are getting the technocrat behavior over here, too.  dixiegrrrrl   Dec-09-11 12:45 PM   #52 
           - My point being...  AnneD   Dec-09-11 01:06 PM   #53 
  - europe: French bank ratings downgraded again by Moody's  xchrom   Dec-09-11 06:16 AM   #5 
  - UK isolated as Europe moves ahead on fiscal union  Ghost Dog   Dec-09-11 06:22 AM   #8 
  - British Bankers want more EU votes.  Ghost Dog   Dec-09-11 06:38 AM   #11 
  - +1  xchrom   Dec-09-11 07:12 AM   #18 
  - Torygraph's Evans-pritchard is beside himself. EU "reduced to a shell" without UK!  Ghost Dog   Dec-09-11 10:42 AM   #43 
  - Mortgage lending wilted in autumn {uk}  xchrom   Dec-09-11 06:23 AM   #9 
  - Brussels deal fails to end uncertainty over spreading crisis  xchrom   Dec-09-11 06:38 AM   #12 
  - UK trade gap shrinks by biggest amount in more than 10 years  xchrom   Dec-09-11 06:40 AM   #13 
  - Bundesbank cuts 2012 GDP growth f'cast to just 0.6 pct  Ghost Dog   Dec-09-11 06:44 AM   #15 
  - Yet ignoring ratings of the USA banks that are so tied to the European banks.  dixiegrrrrl   Dec-09-11 08:43 AM   #34 
     - Because the Fed and the Treasury Backstop Our Local Banksters  Demeter   Dec-09-11 10:32 AM   #38 
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  - How about "The Hangover"?  Fuddnik   Dec-09-11 08:29 AM   #29 
     - I haven't seen it or heard about it  Demeter   Dec-09-11 08:32 AM   #32 
        - The first one was decent. Haven't seen the sequel.  Fuddnik   Dec-09-11 08:40 AM   #33 
        - Hangover is a hoot. eom.  Hotler   Dec-09-11 12:38 PM   #49 
  - Wolfgang Münchau: The only way to save the eurozone is to destroy the EU  Demeter   Dec-09-11 08:25 AM   #23 
  - EU policymakers struggle to square circle  Demeter   Dec-09-11 08:30 AM   #30 
  - Cameron faces showdown with Sarkozy  Demeter   Dec-09-11 08:31 AM   #31 
  - EU leaders fail to agree treaty changes  Demeter   Dec-09-11 10:37 AM   #42 
     - IMF must play its part in any euro solution  Demeter   Dec-09-11 10:44 AM   #44 
        - Sure, Let the IMF in to Play  Demeter   Dec-09-11 01:41 PM   #54 
  - European banks have €115bn shortfall  Demeter   Dec-09-11 08:26 AM   #24 
  - Exercise catches German banks off guard  Demeter   Dec-09-11 08:27 AM   #25 
  - Lloyds chief is having to reapply for own job  Demeter   Dec-09-11 08:28 AM   #27 
  - Not without a note from his doctor. eom.  Hotler   Dec-09-11 12:41 PM   #50 
  - German banks weakest in stress tests  Demeter   Dec-09-11 10:45 AM   #45 
  - ECB launches new support for banks  Demeter   Dec-09-11 10:36 AM   #41 
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  - Hedge funds braced for worst year since 2008  Demeter   Dec-09-11 08:29 AM   #28 
  - Stocks in Europe Advance as China Plans $300 Billion Investment Vehicle  Ghost Dog   Dec-09-11 10:18 AM   #37 
  - About 80-90% shy of where it would need to be.  Roland99   Dec-09-11 10:34 AM   #39 
  - Is that why the DOW is up?  Demeter   Dec-09-11 10:34 AM   #40 
  - Congress adjurned without extending unemployment and tax holiday  kickysnana   Dec-09-11 12:11 PM   #47 
     - It must be a Death Wish  Demeter   Dec-09-11 01:43 PM   #55 
  - Equity markets not spooked by outcome of EU summit  Ghost Dog   Dec-09-11 11:00 AM   #46 
     - The Pirates Have Called for a Parley  Demeter   Dec-09-11 01:45 PM   #56 
  - k&r n/t  Hotler   Dec-09-11 12:45 PM   #51 
  - Have I Got a Topic For the Weekend!  Demeter   Dec-09-11 01:59 PM   #57 
  - I gots to WAIT??!!????  dixiegrrrrl   Dec-09-11 02:50 PM   #60 
  - I could not more strongly recommend watching this video interview while you wait,  Ghost Dog   Dec-09-11 06:32 PM   #61 
  - Oh darn, is it Friday already? I didn't reply to your question from last weekend yet.  kickysnana   Dec-09-11 06:36 PM   #62 
  - Anyone know which DU3 forum SMW will call home?  nc4bo   Dec-09-11 07:14 PM   #63 
     - SMW Doesn't Even Have a Leader Yet  Demeter   Dec-09-11 09:59 PM   #64 

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