Interesting article. See link:
Reiterates much of what has appeared in posts to this blog in recent days. It bears repetition. Reports tonight that France and Germany are meeting next Monday to stitch up a deal to put to the Council of Ministers later next week.
The clear message that comes through is that Germany is seeking to protect its interests come what may and wishes to see the eurozone adhere to rules which benefit Germany. The founders of the united Europe vision saw it as a means of reigning in Germany and harnessing its power for the greater European good. Now the chips are down, the vision is a busted flush. Like it or not, and however much Poodle Sarkozy may whimper (See http://www.bbc.co.uk/news/world-europe-15991031), the outcome of this will either be a smashing up of the EU or a Greater Germany.
See below an excellent article on the need for QE to resolve the eurozone's immediate crisis.
The crisis can undoubtedly be halted immediately by the ECB. The bank can reflate Club Med off the reefs. It chooses not to act for political reasons because this mean higher inflation for Germany. That is the dirty secret. Everybody must be crucified to keep German internal inflation under 2pc.