http://thenextrecession.wordpress.com/2012/06/05/the-euro-end-game/
The crisis of the euro seems to be heading to another climax, perhaps even to
the end game.
Apparently, the Euro leaders are drawing up plans to move towards fiscal and
banking integration in time for discussion at the Euro summit at
the end of this month. But the Germans will only agree to a banking
union and ECB support for Spain and Italy if the measures for fiscal
union and more supranational control over government taxes and spending
are agreed. The French want the former, but not the latter. They want
German money, but not German control. The Germans want more control for more
money. Mrs Merkel could not sell more funding to her electorate
without that. Things are coming to a head.
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