Euro Area

[Furunculus]

another good one from the ECFR:

http://ecfr.eu/content/entry/how_fra...ke_europe_work

“The weakness of the system is not about spending and how to promote growth, but about legitimacy”, said a [german] finance ministry official.
It may be possible to put off treaty change for a few more years. But the provisions of the Fiscal Compact, the pressure on Germany, the weaknesses of the Lisbon Treaty and the imperative need to give the eurozone strong, representative and accountable political authorities will ensure that the issue returns to the agenda sooner than many expect.