http://www.thecommentator.com/article/724/europe_s_clueless_politicians_are_so_incompetent_that_they_can_t_even_figure_out_how_to_do_the_wrong_thing
The latest EU agreement uses the fiscal crisis as an excuse to erode national sovereignty and impose more centralization, more harmonization, and more bureaucratization.
There’s always been a simple and desirable solution to Europe’s fiscal crisis, but nobody in Europe wants to do the right thing because it means admitting the failure of big government and it would result in less power for the political elite.
So we get the spectacle of never-ending emergency summits as the political class blindly searches for some magical solution. Not surprisingly, the “solution” concocted by the latest gathering is not getting good reviews.
Here’s what Ambrose Evans-Pritchard wrote in the Daily Telegraph.
What remarkable petulance and stupidity. The leaders of France and Germany have more or less bulldozed Britain out of the European Union for the sake of a treaty that offers absolutely no solution to the crisis at hand, or indeed any future crisis. It is EU institutional chair shuffling at its worst, with venom for good measure. …There is no shared debt issuance, no fiscal transfers, no move to an EU Treasury, no banking licence for the ESM rescue fund, and no change in the mandate of the European Central Bank.