Divide and Rescue: Berlin Lays Groundwork for a Two-Speed Europe

[sysop]

Chancellor Angela Merkel has always rejected a two-track Europe. But with the euro crisis persisting, Berlin is now*considering far-reaching new powers for the Euro Group*-- to the detriment of the European Commission. Could it work? By SPIEGEL Staff

http://www.spiegel.de/international/...784348,00.html

[Eleos]

The collective wisdom of the German people is right. Power corrupts. Merkel and Sarkozy are deluding themselves if they believe further measures "dictated by the markets" will appease the markets. They will not, and after the markets have taken their profits they will be back for more. Let Greece default. Let Italy default. The only downside for Germany is the bond portfolios of the banks. They too should be allowed to fail and their assets and liabilities taken into public ownership, so that the accounts of citizens are honoured and the casino funds drained.

Britain depends on gambling in financial markets and will not agree to the measures necessary to control the reckless gambling driving the markets. The rest of the EU should heavily tax financial operations that do not have an underlying unambiguous purpose, such as physical trade; and if the UK will not agree, then she should be politely asked to leave the EU.