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Wrecking Europe to Fix It

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Nonetheless, Germany and France pressured other EU members (except Britain) closer to economic collapse. Sweden, the Czech Republic and Hungary said their parliaments would decide whether or not to agree. Nonetheless, they went along. 

Germany's Chancellor Angela Merkel said:

"It's interesting to note that 20 years" to the day after the Maastricht Treaty was drafted, "we have succeeded in creating a more stable foundation for (its) economic and monetary union, and in so doing we've attended to weaknesses that were included in the system."

"I'm very happy with the result," she stressed. Germany becomes an arrogant domineering leader. Britain refused to go along. A new treaty will be drafted. Merkel wants it done by March 2012. 

However, it won't be a treaty. On December 13, 2007, the Lisbon Treaty amended Masstricht. EU member unanimity was required to consummate it. The same requirement holds for changes. 

All member states must agree. Constitutional changes may be required. In some cases, referendum approval may be needed. Internal divisions could take years to resolve.

At issue is imposing budgetary discipline on member states. Violators face sanctions. The European Court of Justice will have final say over national budgets. Short-term measures to prevent contagion are also planned.

An alternative is two pacts - one for 17 Eurozone countries with restrictions, and a second for the other 10 EU members without them.

Hours before the Brussels summit, French President Nocolas Sarkozy said, "Europe has never been in so much danger....An agreement....is crucial." Otherwise there's a "risk that Europe will explode."
 

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