Sunday 14 August 2011

ECB is euroland's last hope as bail-out machinery fails to resolve crisis

Telegraph
"The leaders of Germany and France have three bad choices as they decide whether to save EMU this week, or pretend to do so. .....The path of least resistance for Angela Merkel and Nicolas Sarkozy on Tuesday is surely to force the ECB to change course, by treaty power if necessary.

Or kiss goodbye to the Kanzleramt, the Elysee, and monetary union."

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