From The Guardian UK: http://www.guardian.co.uk/business/2011/nov/30/save-euro-eu-europe
Olli Rehn, EU economic affairs commissioner, says the choice is between deeper integration and Europe falling apart
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.
Continue reading at: http://www.guardian.co.uk/business/2011/nov/30/save-euro-eu-europe