As the eurozone crisis escalates, Germany and France are discussing radical methods of coping via deeper fiscal ties among eurozone nations—even if it means not working through existing treaties.
Reuters reported that in its quest to impose tighter budget controls on the 17 nations that make up the eurozone, Germany had hoped to get all 27 countries in the European Union to agree to treaty changes to allow such actions. However, the likelihood of winning approval from all 27 is now viewed as unlikely by French President Nicolas Sarkozy and German Chancellor Angela Merkel (left), according to sources with knowledge of their meetings with EU leaders.
Not only that, but getting such a degree of accord could take more than a year, and action is seen as vital within weeks. So the strategy has changed. On Sunday, German Finance Minister Wolfgang Schaeuble said in a television report, “The goal is for the member states of the common currency to create their own Stability Union and to concentrate on that.”