Save the euro in 10 days or see the EU disintegrate, ministers are warned

From The Guardian UK:

Olli Rehn, EU economic affairs commissioner, says the choice is between deeper integration and Europe falling apart

in Brussels and in Beijing, Wednesday 30 November 2011

Europe’s leaders are faced with a stark deadline of 10 days to save the euro or face the disintegration of the European Union itself.

The warning from Olli Rehn, EU economic and monetary affairs commissioner, came after central banks intervened to prevent a complete freezing-over of the west’s financial sector because of the politicians’ continued failure to resolve the sovereign debt crisis.

EU finance ministers were told bluntly that, with eurozone unemployment at 16.3m or 10.3% – the highest level since the single currency was introduced – an unchecked debt and banking crisis would push Europe into a deep slump and drag the rest of the world with it.

Herman Van Rompuy, the European Council president, charged with preparing yet another make-or-break EU summit next week, said: “The trouble has become systemic. We are witnessing a fully blown confidence crisis.”

The eurozone’s three most prominent leaders – Nicolas Sarkozy, Angela Merkel and Mario Monti – are due to set out over the next five days how they envisage Europe’s political class regaining supremacy over volatile but dominant financial markets – and restoring confidence among panicky investors.

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One Response to “Save the euro in 10 days or see the EU disintegrate, ministers are warned”

  1. Andrea B. Says:

    This nonsense is repeated every couple of days.

    Angela Merkel made very clear this morning, that people stating that everything has to happen by certain dates, are talking nonsense.

    She also made it clear that Europe is now moving towards fiscal union, which will take a few years, regardless of whatever deadlines the markets want to spin to the public.

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