November 9, 2011 Leave a comment
Angela Merkel has accepted that the current situation needs change.
“he debt crisis is not just something unpleasant, it is a turning point, an opportunity to create something new.”
It may be empty rhetoric of old, and she does not say what that “something new” would be. Merkel received a report
from her economic advisers, who suggested various ‘solutions’ to the crisis, all of which Merkel said
“would require a huge number of treaty changes”
It is clear that any plausible solution to the eurozone crisis will require treaty change and fundamental institutional changes to the EU. The British government is still pushing for further integration of the eurozone, whilst insisting that treaty change will be for the countries with the euro, and therefore does not affect Britain nor require treaty change under the referendum lock.
Treaty change proposals have not been precisely outlined but if the eurozone is to carry on they are required, and they will have repercussions for Britain. It is odd that on the one hand George Osborne and David Cameron say that the British economy relies on the euro working and are calling for the “remorseless logic” of full fiscal union, and on the other that treaty change will not necessarily effect Britain.
Angela Merkel seems to acknowledge whats required, she is still yet to act, but while we are waiting to see if the euro is going to be saved, maybe she can tell Gideon and Donald how the EU works.